India: BigMint's billet index surges by INR 1,400/t d-o-d, hits 7-month high- 29 Dec

• Improved demand, higher finished steel offtake boost prices
  
  
• Finished steel prices rise sharply by INR 1,600-2,000/t d-o-d
  
  

BigMint's billet index increased sharply by INR 1,400/tonne (t) d-o-d to INR 39,100/t exw-Raipur on 29 December 2025 to its highest level in over seven months, last seen in May 2025. The surge was supported by improved buying activity and stronger billet demand from neighbouring regional markets, which pushed spot offers higher.

Market sentiment remained volatile yet firmly positive, as a strong rally in finished steel prices and better offtake across the major consuming regions encouraged participants to step up bookings in the semi-finished steel segment. The sustained strength in finished steel prices boosted buyer confidence, leading to renewed optimism over near-term market stability and forward bookings at varied prices.

Key market highlights

• Finished steel: In Raipur, rebar prices increased by INR 2,000/t, while wire rod prices surged by INR 1,600/t, supported by improved buying interest and active participation across markets. Key regions such as Durgapur, Ahmedabad, Jalna, Raigarh, and Raipur recorded a surge in bookings in the past few days.
  
  
• Sponge iron: Prices in Raipur climbed by INR 850/t, tracking improved demand and a revival in buying activity amid fluctuating market sentiments.
  
  

The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 15,250/t, indicating steady producer margins despite the sharp rise 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) - Five trades at INR 39,000-39,200/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 39,109/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 39,135/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,122/t exw-Raipur, rounded off to INR 39,100/t exw.

Click here for detailed methodology