- Demand and enquiries remains weak
- Steel prices drop by INR 400-600/t in Raipur
BigMint’s billet index softened further by INR 400/tonne (t) d-o-d to INR 39,500/t exw-Raipur on 8 January 2026, as weak buying interest and limited enquiries kept market sentiment subdued. The market saw major corrections towards the close of today’s trading.
Negative cues from north India and neighbouring markets further pressured spot offers, keeping sentiment on the weaker side. Although some limited bookings were recorded in the semi-finished steel segment at lower price levels, persistent weakness in finished steel demand restricted any meaningful recovery in trading activity.
Price highlights:
- Finished steel: In Raipur, rebar prices plummeted by INR 600/t, while wire rod prices fell by INR 400/t, as downstream demand remained weak.
- Sponge iron: Prices in Raipur fell by INR 300/t, with limited need-based bookings reported at lower offers.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 15,800/t, indicating marginal decrease in producer margins.
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 39,500/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 39,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 39,521/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,510/t exw-Raipur, rounded off to INR 39,500/t exw.
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