- Weak demand in semi-finished segment weighs on offers
- Finished steel prices soften INR 200-500/t in Raipur
BigMint’s billet index declined further by INR 300/t day-on-day to INR 41,250/t exw-Raipur on 23 March 2026, as subdued demand and weaker participation across the semi-finished and finished steel segments weighed on market sentiment.
Market mood turned negative in today’s trading session amid prevailing uncertainty and softer downstream demand. Reduced buying interest for both billets and finished steel compelled sellers to lower spot offers to stimulate bookings. However, persistent lower bids and thin enquiries exerted additional pressure, resulting in a sharper decline in prices by close of trading.
Buyers remained cautious and showed limited appetite at prevailing price levels, preferring to stay on the sidelines until clearer signals emerge from the finished steel segment. Continued downstream weakness further dampened confidence, keeping overall trading sentiment bearish.
Finished steel prices soften
In the Raipur market, finished steel prices moved lower amid subdued demand. Rebar prices declined by INR 200/t d-o-d, while wire rod prices plunged by INR 500/t, reflecting weak enquiries and slow procurement from end-users.
Sponge iron prices fall
Sponge iron prices in the Raipur cluster dropped by INR 400/t, as bookings remained largely need-based despite softer offers from sellers. Muted billet demand continued to weigh on the DRI segment, restricting trade volumes.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,350/t, indicating relatively stable producer margins despite price corrections.
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 41,200-41,300/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 41,228/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,258/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,243/t exw-Raipur, rounded off to INR 41,250/t exw.
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