- Limited buying interest weighs on semis prices
- Finished steel extends decline in Raipur
BigMint’s billet index in Raipur declined further by INR 450/t day-on-day to INR 41,200/t exw on 7 May 2026, as continued weakness in demand piled pressure on semi-finished steel prices.
Market activity remained subdued throughout the session, with limited participation from buyers due to persistent softness in the finished steel segment. Weak downstream demand discouraged aggressive bookings, with most transactions restricted to immediate requirements. Participants reported cautious sentiment prevailing in the market, with buyers closely monitoring finished steel trends before committing to fresh bookings.
Finished steel declines further
In the Raipur market, finished steel prices extended their downward trend. Rebar prices decreased by INR 400/t and wire rod prices declined by INR 300/t d-o-d on weak end-user demand and limited enquiries.
Sponge iron market softens
Sponge iron prices in the Raipur cluster dropped by INR 200/t, weighed down by limited buying interest and reduced enquiries from billet producers.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 15,550/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 41,200/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 41,200/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 41,227/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,213/t exw-Raipur, rounded off to INR 41,200/t exw.
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