- Limited enquiries on elevated offers
- Finished steel prices remained stable
BigMint’s billet index edged lower by INR 100/t day-on-day to INR 38,800/t exw-Raipur on 11 June 2026, as limited buying activity and subdued market participation weighed on the semi-finished steel segment.
The billet market witnessed a marginal correction during the session, driven by weak demand across both semi-finished and finished steel segments. Market participants remained cautious amid uncertain demand conditions, while sellers largely maintained firm offer levels. The mismatch between elevated spot offers and buyer expectations restricted fresh bookings and kept overall trading activity muted.
Participants noted that weak finished steel demand continues to influence billet procurement decisions, with buyers preferring to postpone purchases until clearer market direction emerges.
Finished steel prices remain unchanged
In Raipur, finished steel prices remained stable on a d-o-d basis. Rebar and wire rod prices were unchanged, as subdued end-user demand and limited enquiries continued to restrict market activity. Market participants reported that while mills attempted to maintain current price levels, demand remained insufficient to support stronger buying momentum.
Sponge iron prices soften
Sponge iron prices in the Raipur cluster declined by INR 100/t as buyers continued to place lower bids amid cautious sentiment. Spot bookings were restricted to selective deals concluded at reduced offer levels.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,700/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) – Two trades at INR 38,800/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 38,800/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 38,809/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,804/t exw-Raipur, rounded off to INR 38,800/t exw.
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