- Sellers lift offers but buyers show resistance
- Finished steel prices show mixed movements
BigMint’s billet index in Raipur increased marginally by INR 200/t d-o-d to INR 43,100/t exw on 9 April 2026, marking a slight recovery after recent corrections. Despite the uptick, overall market sentiment remained subdued due to weak enquiries and continued softness in finished steel demand.
Spot billet offers were revised slightly upward during the session; however, buying activity remained limited as participants resisted higher price levels. Transactions were minimal and largely restricted to immediate requirements, reflecting cautious market behaviour.
Market participants noted that buyers continued to adopt a wait-and-watch approach amid heightened volatility, which has been impacting procurement decisions and delaying purchases.
Finished steel soften
In the Raipur market, finished steel prices showed mixed movements. Rebar prices declined marginally by INR 100/t d-o-d, while wire rod prices remained largely stable, supported by limited regional bookings. Overall trading activity, however, remained slow.
Sponge iron edge up
Sponge iron prices in Raipur inched up slightly by INR 50/t, as sellers attempted minor upward revisions in offers amid volatile conditions. Buying activity remained subdued, with limited enquiries from downstream segments.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,050/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) – One trade at INR 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 43,000/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 43,245/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,122/t exw-Raipur, rounded off to INR 43,100/t exw.
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