- Weakening demand weighs on spot prices
- Finished steel market sees mixed response in Raipur
BigMint’s billet index declined sharply by INR 350/tonne d-o-d to INR 41,150/t exw-Raipur on 19 January 2026, as market activity remained subdued on weakening demand and lower participation across the semi-finished steel segment. The correction was largely driven by a build-up in spot offers and muted buying interest, which weighed on overall market sentiment.
Market sentiment turned negative in the second half of the trading session. Softer demand from buyers in both semi-finished and finished steel segments led traders to lower offers in an attempt to stimulate bookings. This increase in low-priced offers exerted further pressure on spot prices, resulting in a sharp decline by the close of the day.
Buyers showed limited appetite at elevated price levels, preferring to stay on the sidelines amid uncertainty in finished steel demand. Continued pressure from the downstream segment further dampened confidence, keeping overall sentiment bearish throughout the session.
Price highlights
- Finished steel: In Raipur, rebar prices increased by INR 300/t, while wire rod prices remained firm. However, end-user demand stayed tepid, and the price resilience was largely supported by controlled availability rather than fresh buying momentum.
- Sponge iron: Prices in Raipur rose by INR 400/t, supported by higher offers from producers. Despite the increase, buying interest remained muted, reflecting cautious sentiment and limited procurement from mills.
The PDRI-to-billet conversion spread for standalone induction furnaces in Raipur was assessed at INR 15,750/t, marking a correction from previous levels as billet prices softened.
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 trade at INR 41,000/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 41,000/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,300/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,150/t exw-Raipur
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