- Cautious buying keeps market under pressure
- Finished steel market shows mixed price movements
BigMint’s billet index declined further on 30 January 2026, falling by INR 150/t d-o-d to INR 40,800/t exw-Raipur, as weakening demand and subdued participation continued to weigh on the semi-finished steel market. Trading activity remained muted through the session, with buyers maintaining a cautious stance amid poor demand visibility.
Despite lower spot offers, buying interest remained limited, as sluggish finished steel offtake discouraged fresh bookings in billets. Market participants said buyers preferred to wait for clearer signs of demand recovery before increasing exposure, keeping procurement strictly need-based.
Weak price cues from neighbouring markets added to the pressure, while ongoing corrections in semi-finished steel prices created a spillover effect across regions. As a result, billet producers adopted a conservative pricing approach to stimulate interest, though trade volumes stayed thin and transactions were largely concluded at lower levels during the day.
Market highlights:
- Finished steel: In Raipur, finished steel prices showed mixed trends. Rebar prices increased by INR 200/t d-o-d, supported by selective bookings and controlled availability. Meanwhile, wire rod prices remained largely stable, as limited buying interest capped further upside despite stable offers.
- Sponge iron: Prices in Raipur edged up marginally by INR 100/t. However, buying activity remained restrained, as many buyers had already secured sufficient volumes during previous sessions.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,050/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 40,800-40,900/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 40,822/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 40,810/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,816/t exw-Raipur, rounded off to INR 40,800/t exw.
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