- Enquiries slow amid expectations of further corrections
- Weakness in finished steel demand weighs on billet prices
BigMint’s billet index in Raipur declined sharply by INR 650/t d-o-d to INR 42,900/t ex-works on 8 April 2026, as muted buying enquiries and weak market sentiment weighed on the semi-finished steel segment.
Market activity remained subdued throughout the session, with limited participation from buyers. The cautious stance was largely influenced by macro developments, particularly easing geopolitical tensions following ceasefire indications involving the US-Israel-Iran conflict, which reduced concerns over supply disruptions and raw material inflation. As a result, buyers anticipated further price corrections and refrained from fresh bookings today.
Additionally, continued weakness in finished steel demand exerted downward pressure on billet prices. Sellers were compelled to reduce offers to attract enquiries; however, overall response remained muted.
Finished steel prices fall sharply
In the Raipur market, finished steel prices witnessed a steep decline. Rebar prices dropped by INR 1,000/t d-o-d, while wire rod prices fell by INR 600/t, reflecting weak downstream demand and limited buyer participation.
Sponge iron weakens
Sponge iron prices in the Raipur cluster declined by INR 550/t d-o-d, as buyers remained largely absent despite price corrections. Muted billet demand and cautious sentiment continued to weigh on the sponge iron segment.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,900/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) – No trades 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 /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 42,915/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,915/t exw-Raipur, rounded off to INR 42,900/t exw.
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