India: BigMint's billet index rebounds by INR 150/t d-o-d on modest demand uptick - 31 Dec

• Trade improves notably in 2nd half of trading session
  
  
• Finished steel prices climb higher by INR 300/t d-o-d
  
  

BigMint's billet index recovered by INR 150/tonne (t) d-o-d to INR 39,150/t exw-Raipur on 31 December 2025, supported by a modest improvement in buying interest despite heightened market volatility. Volatile sentiment across the semi-finished steel segment triggered increased market activity through the day, lending support to spot offers. To illustrate, demand was weak at the beginning of the day, leading to subdued sentiment. However, as the day progressed, activity picked up, driven by influences from neighbouring markets, ultimately leading prices to close the day higher by INR 150/t d-o-d.

In fact, market participation picked up notably in the second half of the trading session, as sharp intraday price movements encouraged buyers to step in. This volatility-driven activity resulted in better bookings in the semi-finished steel market. The finished steel segment also recorded improved demand, influenced by positive cues from neighbouring regions.

Market highlights

• Finished steel: In Raipur, rebar and wire rod prices increased by INR 300/t d-o-d, supported by a moderate improvement in buying interest.
  
  
• Sponge iron: Prices fell by INR 50/t d-o-d, though bookings improved. This was because of volatile sentiment throughout the day.
  
  

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,300/t, increasing marginally due to a slight gain in billet prices.

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) - Three trades at INR 39,000-39,400/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 39,228/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 39,029/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,128/t exw-Raipur, rounded off to INR 39,150/t exw.

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