India: BigMint's billet index up INR 200/t d-o-d on improved buying - 18 Aug

• Finished steel prices recover in Raipur
  
  
• Market momentum may pick up in near term
  
  

BigMint's billet index gained INR 200/t d-o-d, settling at INR 37,700/t exw-Raipur on 18 August 2025 supported by improved semi-finished steel demand, recovery in finished steel prices, and price support from neighbouring regions.

Market activity picked up as trading resumed after the long weekend holidays. Anticipation of further price gains encouraged buyers to step in, resulting in a surge in bookings and active participation across markets.

Market snapshots:

• Rebar: Prices rose by INR 300/t, with 3,000 t deals confirmed concluded.
  
  
• Wire rods: Prices gained INR 100/t, with 2,150 t of transactions recorded.
  
  
• Sponge iron: Prices edged up on the back of consistent buying and rising pellet prices.
  
  

Renewed buying momentum post-holidays and firmer finished steel trends are likely to keep billet offers supported in the near term, though market participants remain cautious about sustained end-user demand.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,500/t.

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 37,700-37,900/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 37,726/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 37,650/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 37,688/t exw-Raipur, rounded off to INR 37,700/t exw.

Click here for detailed methodology