- Surge in semis bookings supports spot offers
- Finished steel market sees mixed sentiments in Raipur
BigMint’s billet index recovered d-o-d by INR 200/tonne (t) to settle at INR 39,700/t exw Raipur on 9 January 2026, thanks to an improvement in semi-finished steel sentiment and positive cues from north India. These factors collectively encouraged sellers to raise spot offers during today’s trading session.
Market activity remained volatile throughout the day, as mixed but modestly positive signals from neighbouring regions influenced price movements. Improved bookings in the semi-finished steel segment at varied price levels provided support to billet prices. However, participants noted that a sustained recovery will depend on a turnaround in finished steel demand, which is still awaited.
Price highlights:
- Finished steel: In Raipur, rebar prices edged lower by INR 100/t d-o-d, while wire rod offers gained INR 200/t d-o-d. However, enquiries throughout the day remained limited.
- Sponge iron: Prices remained range-bound, supported by a notable improvement in bookings that helped stabilise the market.
The PDRI-to-billet conversion spread for the standalone induction furnaces in Raipur was assessed at INR 16,000/t, indicating supportive producer margins following the modest 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) – Six trades at INR 39,500-40,000/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 39,780/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 39,637/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,708/t exw-Raipur, rounded off to INR 39,700/t exw.
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