- Buyers resist prices amid lack of market clarity
- Finished steel prices ease on limited enquiries
BigMint’s billet index in Raipur declined by INR 200/t d-o-d to INR 42,200/t exw on 10 March 2026, as subdued demand and limited participation weighed on the semi-finished steel market.
Trading activity remained limited through the session, with buyers maintaining a cautious stance amid weak finished steel offtake. Despite reduced offers from sellers, buying interest stayed weak, as market participants preferred to wait for clearer demand signals before placing fresh bookings in the billet segment.
Weak cues from neighbouring markets further pressured spot prices, while resistance to higher offers from buyers also capped transactions. A few deals were reported at slightly elevated levels in the morning hours, reflecting intraday volatility, but overall trade volumes remained limited as sentiment turned cautious later in the day.
Finished steel
In Raipur, finished steel prices edged lower. Rebar prices declined by INR 100/t d-o-d, while wire rod prices dropped by INR 400/t, as end-user demand remained weak and bookings slowed.
Sponge iron
Sponge iron prices in Raipur also corrected by INR 300/t, due to muted buying interest and competitive offers from neighbouring markets.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 14,400/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) – Five trades at INR 42,100-42,600/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 42,211/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nineteen offers were reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 42,233/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,222/t exw-Raipur, rounded off to INR 42,200/t exw.
Click here for detailed methodology
Leave a Reply