- Lower billet offers fail to revive demand
- Rebar prices decline by INR 400/t d-o-d
BigMint’s billet index edged down by INR 200/tonne (t) d-o-d to INR 39,300/t exw-Raipur on 13 January 2026, as market activity remained subdued due to weak demand.
Despite slightly lower spot offers, buying interest continued to be muted, reflecting sluggish downstream demand and cautious buyer sentiment. Market participants noted that most buyers deferred fresh bookings, expecting further price corrections in billets, particularly as offtake in the finished steel segment remained slow.
Weak cues from neighbouring markets further weighed on sentiment. Ongoing corrections in finished steel prices spilled over into the semi-finished segment, prompting billet producers to maintain a conservative pricing approach. Overall trading activity stayed thin, with transactions largely limited to immediate requirements and concluded at lower price levels.
Market highlights
- Finished steel: In Raipur, rebar prices fell by INR 400/t, while wire rod prices also remained under pressure, mirroring weak end-user demand and restricted trade activity.
- Sponge iron: Sponge iron prices in Raipur declined by INR 250/t, with booking volumes remaining limited amid a cautious regional outlook.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,900/t, registering a further correction compared with 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) – One trades at INR 39,300/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 39,300/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 39,312/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,306/t exw-Raipur, rounded off to INR 39,300/t exw.
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