- Pickup in enquiries offer support to spot prices
- Finished steel weaken on limited downstream demand
BigMint’s billet index rose by INR 100/t day-on-day to INR 41,650/t exw-Raipur on 13 February 2026, supported by improved buying interest in the semi-finished steel segment, mostly in the later half of today’s session.
Market sentiment turned moderately positive, particularly in the second half of the trading session, as a pickup in enquiries provided support to spot prices. Buyers, anticipating potential firmness amid relatively elevated raw material costs, showed greater willingness to conclude bookings at marginally higher levels. The improvement in activity helped arrest the recent downtrend in billets, though overall confidence remained cautious.
A Raipur-based trader said, “Buying improved in the latter half as participants expected raw material support to keep billet prices firm in the near term.”
Finished steel prices ease further
In Raipur, finished steel prices softened, with rebar and wire rod declining by INR 200/t d-o-d. Limited enquiries and weak downstream demand weighed on spot market activity, keeping procurement strictly need-based. The lack of strong finished steel support capped the extent of billet price gains.
Sponge iron prices edge lower
Sponge iron prices in Raipur slipped by INR 50/t d-o-d, reflecting volatile market conditions and balanced supply-demand dynamics. While buying activity improved slightly in the latter half, sellers remained cautious in adjusting offers significantly.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,200/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) – Seven trades at INR 41,500-41,700/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 41,627/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 41,627/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,627/t exw-Raipur, rounded off to INR 41,650/t exw.
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