- Finished steel prices fall sharply by INR 400-700/t d-o-d in Raipur
- Competitive freights help boost billet bookings from nearby regions
BigMint’s billet index in Raipur declined further by INR 350/t d-o-d, settling at INR 41,850/t exw on 11 March 2026, as weak demand and lower enquiry levels prompted producers to trim spot offers to stimulate buying interest.
Market activity remained subdued through the first half of the session, with buyers largely cautious amid continued softness in finished steel demand. However, trading improved in the latter part of the day as softer billet offers encouraged forward bookings from traders and rolling mills, leading to a modest recovery in buying volumes.
Participants also reported a slight improvement in bookings from neighbouring regions. Competitive freight costs helped align landed billet prices with buyers’ expectations, supporting selective bookings in the semi-finished steel segment.
Finished steel prices fall sharply
In Raipur, finished steel prices recorded significant corrections during the session. Rebar prices declined by INR 400/t d-o-d, while wire rod prices plunged by INR 700/t, reflecting weak buying interest and limited downstream enquiries despite the price adjustments.
Traders noted that continued pressure in finished steel markets has been a key factor weighing on billet demand and sentiment across the region.
Sponge iron weakens further
Sponge iron prices in Raipur fell sharply by INR 750/t, driven by competitive offers from neighbouring markets. Sellers were compelled to reduce prices to match lower bids and clear inventories, which also contributed to improved buying activity later in the day.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 14,800/t, indicating improved 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) – Six trades at INR 41,700-41,800/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 41,794/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 41,904/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,849/t exw-Raipur, rounded off to INR 41,850/t exw.
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