- Enquiries surge from neighbouring markets supported offers
- Finished steel prices strengthen INR 200-400/t in Raipur
BigMint’s billet index in Raipur increased by INR 450/t day-on-day (d-o-d) to settle at INR 42,400/t ex-works on 9 March 2026, supported by a modest uptick in buying activity and stronger enquiries from neighbouring regional markets.
Market sentiment remained volatile but broadly positive during the session. Rising finished steel prices and improved offtake in key consuming regions encouraged market participants to step up bookings in the semi-finished segment. Participants noted that firmer finished steel prices provided additional confidence to buyers, prompting selective forward bookings at varied offer levels.
However, some resistance was observed from buyers at elevated price levels, as the continuous rise in semi-finished steel prices has raised concerns over sustainability. Market participants indicated that further gains in billets may depend on whether the recent momentum in finished steel demand continues in the near term.
On the supply side, producers were compelled to increase offers amid rising raw material costs, which continued to pressure margins. Tightness in sponge iron availability also contributed to the upward movement in billet offers across the Raipur cluster.
Finished steel
In Raipur, finished steel prices strengthened during the day. Rebar prices increased by INR 200/t, while wire rod prices surged by INR 400/t, supported by modest buying interest and active participation across key regional markets.
Sponge iron tighten
Sponge iron prices in Raipur climbed by INR 400/t, tracking moderate buying activity amid ongoing volatility in the semi-finished steel market.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 14,300/t, indicating relatively tighter 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) – Five trades at INR 42,300-42,500/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 42,419/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Twenty four offers were reported in the trading window and considered as T2 inputs. The average price of these twenty four was INR 42,386/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,402/t exw-Raipur, rounded off to INR 42,400/t exw.
Click here for detailed methodology
Leave a Reply