- Weak downstream demand and lower bids keep billet prices under pressure
- Finished steel prices in Raipur slip INR 100/t on subdued buying
BigMint’s billet index declined marginally on 22 January 2026, slipping by INR 50/t d-o-d to INR 40,600/t exw, as weak downstream demand continued to weigh on market sentiment. Trading activity in the semi-finished steel segment remained limited, with buyers largely restricting purchases to immediate requirements amid expectations of further price corrections.
Market participants noted that procurement was predominantly need-based, as finished steel offtake also remained slow. With downstream enquiries staying weak, buyers adopted a wait-and-watch approach, curbing spot purchases and keeping liquidity thin throughout the trading session.
Producers attempted to maintain offer levels, supported by relatively firm raw material replacement costs and stable operating margins. However, limited transaction volumes and persistent pressure from the finished steel segment capped any upside. The market closed with softer pricing and restrained participation, reflecting cautious sentiment across the value chain.
Market highlights
- Finished steel: In the finished steel segment, rebar prices in Raipur declined by INR 100/t d-o-d, while wire rod prices remained stable, tracking weak buying interest and limited dispatches.
- Sponge iron: Prices remained stable as buying enquiries were slightly better, and sellers were unwilling to offer material at lower rates.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 15,800/t, indicating that producer margins remain intact despite the softening 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) – Two trades at INR 40,500-40,700/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 40,582/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 40,575/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,578/t exw-Raipur, rounded off to INR 40,600/t exw.
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