- Sponge iron prices increase by INR 400/t further
- Finished steel prices rise INR 200-300/t in Raipur
BigMint’s billet index in Raipur strengthened by INR 300/t d-o-d to INR 40,950/t exw on 29 January 2026, supported by consistent bookings recorded in the semi-finished steel segment over the past few sessions, as well as an increase in raw material costs. The price increase came despite limited spot buying, as market activity slowed following recent gains.
Trading activity remained moderate to slow through the day, with billet offers inching up during the session. However, overall participation stayed restrained, as buyers turned cautious amid rising prices and uncertain demand visibility. Market participants noted that procurement was largely need-based, with buyers closely tracking market direction before committing to larger volumes.
Sentiment continued to be weighed down by subdued finished steel demand, even as raw material costs moved higher. Participants said concerns over the sustainability of the current price uptrend persist, particularly as downstream demand has yet to show a meaningful recovery.
Finished steel: Finished steel prices in Raipur registered gains. Rebar prices increased by INR 300/t d-o-d, though bookings remained limited, indicating resistance at higher levels. In contrast, wire rod prices rose by INR 200/t, supported by a modest improvement in buying activity during the day. Despite the uptick, overall dispatches remained selective.
Sponge iron: Prices advanced further by INR 400/t, supported by a positive buying response and continued support from the past few trading sessions. Firm raw material pricing provided cost-side support to billet producers, helping sustain higher offer levels despite muted buying.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,300/t.
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) – Three trades at INR 40,900-41,000/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 40,980/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 40,969/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,974/t exw-Raipur, rounded off to INR 40,950/t exw.
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