- Volatile market limits buying activity
- Raw material costs support prices
BigMint’s billet index in Raipur declined marginally by INR 150/t day-on-day to INR 42,950/t ex-works on 10 April 2026, reflecting a range-bound market amid limited buying activity in the semi-finished steel segment.
Market activity remained subdued, with participation constrained across both semi-finished and finished steel segments. Buyers maintained a cautious stance following recent corrections and ongoing volatility, while mixed cues from neighbouring markets further limited directional clarity. Despite this, a few deals were concluded at negotiated levels, as sellers attempted to hold offers steady, supported by elevated raw material costs.
Participants noted that firm input costs and selective demand from nearby regions helped cap further downside, keeping sentiments largely balanced during the session.
Finished steel prices drop
In the Raipur market, finished steel prices recorded a downward trend. Rebar prices declined by INR 400/t d-o-d, while wire rod prices fell by INR 300/t, with overall trading activity remaining slow.
Sponge iron softens further
Sponge iron prices in the Raipur cluster decreased by INR 350/t, as sellers introduced price corrections to stimulate demand. This led to moderate booking activity, though overall sentiment remained cautious.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,250/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) – Four trades at INR 42,800-43,000/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 42,918/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 42,939/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,928/t exw-Raipur, rounded off to INR 42,950/t exw.
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