- Sellers refrain from aggressive hikes amid market uncertainty
- Finished steel prices show mixed trends, rebar falls by INR 700/t
BigMint’s billet index rose marginally by INR 100/t d-o-d to INR 42,950/t exw-Raipur on 3 April 2026, supported by improved buying interest and a pickup in enquiries during the latter half of the trading session. Cautious optimism in the finished steel segment provided some limited support to spot offers.
Market activity remained volatile through the day, with positive cues from northern India contributing to short-term fluctuations in billet offers. Buying interest improved gradually, leading to moderate bookings at varied prices. However, sellers maintained a balanced pricing approach, refraining from aggressive hikes as buyers continued to seek clarity on finished steel demand trends.
Despite the late recovery, overall sentiment remained restrained. Market participants noted that while firm raw material prices and balanced supply conditions are supporting the market in the short term, sustained momentum will depend on a stronger and more consistent revival in downstream demand.
Finished steel shows mixed trend
In the Raipur market, finished steel prices recorded mixed movements. Rebar prices declined sharply by INR 700/t d-o-d, reflecting subdued demand, while wire rod prices increased by INR 300/t, indicating selective buying interest across segments.
Sponge iron records uptick
Sponge iron prices in the Raipur cluster increased by INR 200/t, supported by improved bookings during the latter part of the session. Sellers raised spot offers in response to better enquiry levels, although overall buying remained measured.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 15,700/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 42,900-43,000/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 42,940/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 42,930/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,935/t exw-Raipur, rounded off to INR 42,950/t exw.
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