- Lower bids continue to pressure billet offers
- Finished steel, sponge iron prices soften slightly
BigMint’s billet index declined further by INR 200/t d-o-d to INR 39,050/t exw-Raipur on 21 May 2026, as weakening buying interest and limited enquiries continued to weigh on market sentiment.
The semi-finished steel segment remained under sustained pressure throughout the trading session, with buyers largely refraining from fresh procurement amid ongoing price corrections. Weak demand across both billet and finished steel markets led to another decline in spot prices. Although a few deals were concluded towards the end of the session at lower prices, overall market participation remained cautious.
Market participants said persistent weakness in downstream steel demand continues to act as the primary drag on billet prices. A Raipur-based participant said buyers are negotiating aggressively at lower bids, compelling producers to align spot offers amid slow offtake and limited trade volumes.
Finished steel prices remain under pressure
In Raipur, finished steel prices remained under pressure amid soft demand conditions. Rebar prices remained unchanged today, while wire rod prices edged lower by INR 100/t d-o-d due to limited enquiries and weak buying interest from the retail segment.
Sponge iron market stays cautious
Sponge iron prices in the Raipur cluster eased marginally by INR 50/t d-o-d, tracking weaker demand from the semi-finished steel segment. Market sentiment in the DRI market remained cautious, with limited fresh bookings reported during the session.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,100/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 39,000/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 39,000/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 39,138/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,069/t exw-Raipur, rounded off to INR 39,050/t exw.
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