- Lower billet offers fail to revive demand
- Finished steel prices fall by INR 100-300/t
BigMint’s billet index edged lower by INR 200/tonne (t) d-o-d to INR 39,500/t exw-Raipur on 12 January 2026, as overall market activity remained subdued due to weak demand and limited participation across the semi-finished steel segment.
Despite marginally lower spot offers, buying interest remained restrained, reflecting muted downstream demand and cautious buyer sentiment. Market participants indicated that most buyers preferred to defer fresh bookings, anticipating further price corrections in billets, especially as offtake in the finished steel segment continued to slow.
Weak cues from neighbouring markets added to the pressure, while ongoing corrections in finished steel prices resulted in a spillover effect on semi-finished steel, compelling billet producers to adopt a conservative pricing stance. Trading activity remained thin throughout the day, with deals largely concluded at lower price levels and only for immediate requirements.
Market highlights
- Finished steel: In Raipur, rebar prices declined by INR 100/t, while wire rod was down by INR 300/t, reflecting weak end-user demand and limited trade movement.
- Sponge iron: Prices in Raipur dropped by INR 150/t, with limited bookings reflecting the prevailing cautious sentiment across the region.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,850/t, marking a further correction from previous levels.
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 39,300-39,500/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 39,423/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 39,554/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,488/t exw-Raipur, rounded off to INR 39,500/t exw.
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