- Semi-finished steel bookings improve
- Finished steel segment remains under pressure
BigMint’s billet index recorded a modest recovery of INR 150/t day-on-day to settle at INR 41,150/t exw-Raipur on 6 February 2026, as buying activity showed early signs of improvement in the semi-finished steel segment after recent corrections.
Market participation improved during the latter half of the trading session, with billet bookings concluded at varied price levels. The marginal uptrend was supported by a positive shift in sponge iron demand across key regions, which helped lift trade volumes modestly. However, overall sentiment remained cautious, with buyers limiting purchases to immediate requirements amid uncertain downstream demand.
Traders noted that while enquiries improved compared with the previous session, the recovery lacked strong conviction due to continued weakness in the finished steel segment. A Raipur-based market participant said, “Buying has picked up slightly, but most buyers are still cautious and avoiding aggressive stocking.”
Finished steel shows mixed movement
In the Raipur market, finished steel prices closed on a mildly positive note. Wire rod prices increased by INR 200/t d-o-d, supported by modest buying interest, while rebar prices remained largely unchanged, reflecting steady but unspectacular demand. Overall enquiries stayed limited, keeping upside capped.
Sponge iron prices edge up
Sponge iron prices in Raipur inched up by INR 50/t d-o-d, tracking a slight improvement in buying interest. Sellers maintained firm offer levels, supported by constrained availability and bookings concluded in earlier sessions. However, the marginal price increase indicated that demand recovery remains tentative.
The conversion spread from pellet-based sponge iron (PDRI) to billets for the standalone induction furnaces in Raipur was assessed at around INR 14,400/t, suggesting continued margin pressure despite the small rebound.
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 41,000-41,200/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 41,100/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twenty offers were reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 41,240/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,170/t exw-Raipur, rounded off to INR 41,150/t exw.
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