- Semi-finished steel prices gain despite cautious demand
- Finished steel prices rise but bookings remain selective
BigMint’s billet index for Raipur increased by INR 300/t day-on-day to INR 42,150/t exw on 12 March 2026, supported by moderate buying interest in the semi-finished steel segment. The price rise came despite relatively limited spot market activity following recent gains.
Trading volumes remained moderate through the session, with billet offers moving slightly higher as sellers attempted to capitalise on improved sentiment from earlier sessions. However, overall participation was restrained as most buyers had already secured sufficient volumes in previous sessions at relatively favourable levels. Procurement activity therefore remained largely need-based.
Market participants indicated that concerns regarding the sustainability of the current price levels continued to influence buying decisions, particularly as downstream demand from the finished steel segment remains inconsistent.
Steel prices gain
In Raipur, finished steel prices moved higher. Rebar prices increased by INR 400/t d-o-d, although bookings remained limited as buyers resisted higher offer levels. Wire rod prices rose more sharply by INR 800/t, supported by modest improvement in buying enquiries during the session. Despite the uptick, overall dispatch volumes remained selective.
Sponge iron edges up
Sponge iron prices in the Raipur cluster registered a marginal increase of INR 50/t, supported by earlier bookings concluded at lower price levels. Fresh procurement activity remained limited as buyers preferred to monitor billet price stability before placing additional orders.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,050/t, indicating relatively firm 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) – Four trades at INR 42,100-42,300/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 42,220/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Twenty offers were reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 42,081/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,151/t exw-Raipur, rounded off to INR 42,150/t exw.
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