India: BigMint's billet index declines marginally on limited enquiries - 30 Dec

• Weak demand prevails due to elevated offers
  
  
• Finished steel prices dip by INR 100/t in Raipur
  
  

BigMint's billet index eased by INR 100/tonne (t) d-o-d to INR 39,000/t exw-Raipur on 30 December 2025, as market activity softened due to restrained procurement and subdued enquiries across the semi-finished and finished steel segments. Buyers remained cautious, limiting purchases to immediate requirements while awaiting clearer market direction.

Market participants reported a lack of momentum, with mills maintaining spot offers at elevated levels, which kept overall demand thin. Trading activity weakened further during the session as buyers deferred bookings, citing higher prevailing prices and logistical disruptions linked to the year-end holiday period, which curtailed transportation and reduced market participation.

Price highlights:

• Finished steel: In Raipur, rebar prices edged lower by INR 100/t, while wire rod prices continued to remain unchanged, as demand from end-users remained tepid.
  
  
• Sponge iron: Prices in Raipur inched up by INR 50/t, with muted buying reflecting the prevailing cautious sentiment across the region.
  
  

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,100/t, marking a slight correction from previous levels.

Rationale

This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.

• Transactions (T1) - Two trades at INR 39,000/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,000/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 39,014/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,007/t exw-Raipur, rounded off to INR 39,000/t exw.

Click here for detailed methodology