- Modest buying persists despite lower offers
- Finished steel price weakens further in Raipur
BigMint’s billet index declined by INR 300/t day-on-day to INR 41,000/t exw-Raipur on 17 February 2026, as market sentiment remained weak despite continued softening in spot offers.
Trading activity was largely confined to need-based purchases, with moderate buying observed at reduced price levels. However, the broader tone stayed bearish, as subdued downstream demand continued to weigh on procurement decisions. Buyers maintained a cautious stance, placing lower bids, which compelled sellers to trim spot offers further to stimulate enquiries.
Market participants indicated that despite consecutive price corrections, recovery in demand remains elusive. A Raipur-based trader said, “Price cuts are attracting selective bookings, but overall consumption remains weak, limiting the scope for any meaningful rebound.”
Finished steel weakens
In the Raipur market, finished steel prices declined further. Rebar prices edged lower by INR 100/t, while wire rod prices dropped by INR 400/t d-o-d, reflecting softer demand and limited enquiries. Buying across segments remained restricted, with traders avoiding inventory build-up.
Sponge iron prices ease
Sponge iron prices in Raipur corrected by INR 200/t d-o-d, as sellers adjusted offers in anticipation of improved bookings. However, buying interest remained limited, aligning with weak semi-finished demand and cautious sentiments.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 13,700/t, indicating further tightness in producer 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) – Two trades at INR 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 41,000/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 41,045/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,022/t exw-Raipur, rounded off to INR 41,000/t exw.
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