- Moderate semi-finished demand supports spot offers
- Finished steel prices up INR 300-400/t in raipur
BigMint’s billet index increased marginally by INR 200/t day-on-day to INR 41,900/t exw-Raipur on 16 March 2026, supported by moderate bookings in the semi-finished steel segment and slightly positive cues from neighbouring markets.
Market activity remained volatile through the session, with billet offers witnessing intermittent fluctuations. A mild improvement in semi-finished steel demand resulted in moderate trade volumes at varied price levels. However, overall market confidence remained restrained as the finished steel segment continued to exhibit uneven demand patterns.
Traders noted that although enquiry levels improved compared with the previous session, the recovery lacked strong conviction. Buyers remained cautious, limiting procurement to immediate requirements amid uncertainty over downstream demand sustainability.
Finished steel posts gains
In the Raipur market, finished steel prices closed on a positive note. Wire rod prices increased by INR 300/t d-o-d, supported by modest buying interest, while rebar prices rose by INR 400/t, reflecting improved bookings during the session. Despite the uptick, overall dispatches remained measured.
Sponge iron holds steady
Sponge iron prices in the Raipur cluster remained largely unchanged, with moderate bookings reported. Market sentiment in the DRI segment stayed steady, as balanced supply conditions and prior bookings limited fresh price movements.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,250/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) – Two trades at INR 41,800-42,000/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 41,950/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 41,883/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,916/t exw-Raipur, rounded off to INR 41,900/t exw.
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