- Lower offers from sellers fail to revive demand
- Finished steel prices soften by INR 100-400/t
BigMint’s billet index for Raipur dropped INR 250/t d-o-d to INR 42,050/t ex-works on 27 April 2026, amid limited buying interest despite reduced seller offers. Cautious buyer sentiment stemmed from weak inquiries from neighbouring markets and expectations of further price corrections, compounded by a slowdown in finished steel demand.
Trading activity remained slow, with most deals concluded at negotiated price levels. Sellers attempted to balance supply by adjusting offers in line with prevailing demand conditions; however, ongoing uncertainty and weak downstream demand kept overall market sentiment weak.
Finished steel weakens
In the Raipur market, finished steel prices declined d-o-d. Rebar prices eased marginally by INR 100/t d-o-d, while wire rod prices dropped by a sharper INR 400/t amid weak end-user demand and limited enquiries.
Sponge iron under pressure
Sponge iron prices in Raipur declined by INR 150/t, with limited bookings observed during the session despite lower offers. Weak demand from billet producers continued to weigh on procurement activity.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 16,150/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 42,000-42,200/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 42,109/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 42,022/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,066/t exw-Raipur, rounded off to INR 42,050/t exw.
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