India: BigMint's billet index rises INR 200/t d-o-d but buyers remain cautious

Trading thin amid limited participation
Finished steel, sponge iron prices rise d-o-d

BigMint’s billet index rose by INR 200/t d-o-d to settle at INR 40,650/t exw-Raipur on 15 January 2026. However, overall market activity remained subdued due to weak demand and limited participation in the semi-finished steel segment.

Manufacturers quoted higher prices, supported by decent buying activity in the previous session. Buyers adopted a cautious stance, having already procured sufficient material, and waited for further clarity on market direction. Fresh bookings were largely deferred, particularly as offtake in the finished steel segment remained weak.

Additionally, weak price cues from neighbouring markets weighed on sentiment. As a result, trading was thin, with transactions largely confined to need-based purchases.

Price highlights

Finished steel: In Raipur, rebar prices rose by INR 300/t, while wire rod prices increased by INR 500/t. Demand remained moderate to slightly limited across segments.
Sponge iron: Sponge iron prices in Raipur increased by INR 300/t; however, bookings were limited amid a cautious regional market outlook.

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 16,050/t, reflecting a marginal 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) – One trades at INR 40,700/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 40,700/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these eleven was INR 40,643/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,671/t exw-Raipur, rounded off to INR 40,650/t exw.

Click here for detailed methodology