- Prices in Raipur drop by INR 250/t d-o-d
- Late improvement in enquiries fails to lift prices
BigMint’s billet index declined further by INR 250/t d-o-d to INR 39,250/t exw-Raipur on 20 May 2026, as weak downstream demand and cautious procurement continued to weigh on the semi-finished steel market.
The Indian billet market extended its downward trend this week, with prices in Raipur cumulatively declining by INR 600/t since the start of the week. Market participants said weak finished steel demand and slow offtake prompted buyers to maintain lower bids, compelling sellers to reduce offers to stimulate spot trades.
Although some improvement in trading activity was observed during the latter half of the trading session amid heightened market volatility, participants noted that the recovery in enquiries across billets and finished steel was insufficient to support any uptick in spot prices.
Finished steel market remains weak
In Raipur, rebar and wire rod prices declined by INR 100-400/t d-o-d amid lacklustre demand. Participants reported that weak buying interest from end-users and cautious inventory positions continued to limit market activity. The bearish sentiment in finished steel further restricted appetite in the semi-finished segment.
Sponge iron prices soften
Sponge iron prices in the Raipur cluster declined by INR 200/t on 20 May. Market participants reported moderate buying activity during the day due to volatile market movements, although competitive offers from neighbouring markets continued to exert downward pressure on prices.
The conversion spread from PDRI to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/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) – Five trades at INR 39,100-39,350/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 39,244/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 39,281/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,262/t exw-Raipur, rounded off to INR 39,250/t exw.
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