- Weak market sentiment drags billet prices lower
- Festive holiday weighs on demand and participation
BigMint’s billet index declined by INR 350/t day-on-day to INR 39,200/t exw-Raipur on 28 May 2026, as weak buying interest and limited participation continued to pressure the semi-finished steel market.
Despite a reduction in spot offers, buying activity remained subdued as weak finished steel demand kept buyers cautious about fresh procurement. Market participants said buyers awaiting improvement in downstream offtake before entering new billet bookings, while weak cues from neighbouring markets further dampened market sentiment.
The semi-finished steel segment remained under pressure throughout the session, with continued softness in finished steel prices contributing to the bearish market tone. Participants also highlighted that reduced trading activity due to the Eid-al-Adha holiday impacted overall market participation across the region.
Finished steel prices weaken further
In Raipur, finished steel prices softened amid tepid end-user demand. Rebar prices declined by INR 100/t d-o-d, while wire rod prices fell by INR 200/t as weak enquiries and slow retail demand restricted trading activity.
Sponge iron prices soften
Sponge iron prices in the Raipur cluster declined by INR 150/t d-o-d amid limited buying activity and cautious sentiment in the market. Participants reported weak response from buyers across the region, which kept overall trading activity subdued.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at 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) – Three trades at INR 39,100-39,300/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 39,228/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 39,208/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,218/t exw-Raipur, rounded off to INR 39,200/t exw.
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