- Modest demand kept sentiments firm in semis
- Finished steel sees mixed response in Raipur
BigMint’s billet index in Raipur remained firm day-on-day on 28 January 2026, settling steady at INR 40,650/t exw, as modest improvement in buying interest helped stabilise prices. Market sentiment stayed largely cautious, though a slight uptick in activity was observed toward the close of the day.
The billet market witnessed intraday volatility, supported by mildly positive price cues from neighbouring regions, which led to frequent adjustments in spot offers. Semi-finished steel demand improved marginally, resulting in selective bookings at varied price levels. However, overall sentiment remained restrained, as finished steel demand has yet to show a sustained recovery.
On the supply side, billet producers largely held their offer levels, supported by steady enquiries from both local and outstation buyers. Expectations of near-term stability in sponge iron prices also lent mild confidence to sellers, preventing aggressive price reductions. Nonetheless, trade volumes remained moderate, reflecting the broader wait-and-watch stance prevailing in the market.
Finished steel: In Raipur, finished steel prices showed mixed trends. Rebar prices edged lower by INR 100/t d-o-d, weighed down by limited dispatches and cautious stockist interest. In contrast, wire rod prices inched up by INR 100/t, supported by selective buying and marginal improvement in enquiries from downstream segments.
Sponge iron: Prices moved slightly upward, supported by continuous bookings over the past two sessions, which encouraged active stocking by buyers. The relative firmness in sponge iron prices provided cost-side support to billet producers.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,400/t, indicating stable operating margins.
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) – Four trades at INR 40,600-40,700/t were recorded during the 10:30 am to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 40,642/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Twenty one offers were reported in the trading window and considered as T2 inputs. The average price of these twenty one was INR 40,613/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,628/t exw-Raipur, rounded off to INR 40,650/t exw.
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