India: BigMint’s billet index declines due to Holi slowdown

• Muted demand expected to persist for next 2-3 days
• Finished steel prices decline by INR 300/t d-o-d

BigMint’s billet index declined by INR 250/tonne (t) d-o-d to INR 41,250/t exw-Raipur on 3 March 2026, as trading activity remained largely muted amid the Holi festival. Limited market participation led to thin enquiries and minimal deal closures despite slightly lower spot offers.

While manufacturers largely attempted to keep their offers stable, traders were seen extending slight discounts to liquidate inventory amid slow demand. Buying interest remained subdued, with most participants adopting a cautious, wait-and-watch approach ahead of clearer post-festival market direction. A Raipur-based trader said, “Today, enquiries were minimal to negligible, and overall trading activity slowed significantly due to the Holi festival. Similar market conditions are expected to continue over the next 2-3 days.”

In the finished steel segment, rebar and wire rod prices in Raipur fell by INR 300/t d-o-d, reflecting restricted trade flows.

Meanwhile, sponge iron prices declined by INR 100/t d-o-d amid muted participation. Nevertheless, buyers largely adopted a wait-and-watch approach, as sufficient volumes had already been secured previously.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 13,850/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) – No trades were recorded during the 10:30 am to 5:30 pm BigMint trading window .
• Other price indicators – bids/offers/indicatives (T2) – Eight offers and indicative were reported in the trading window and considered as T2 inputs. The average price of these eight was INR 41,250/t and given a 100% weightage in the final price calculation.

Click here for detailed methodology