- Enquries limited, sellers reduce offers to attract buyers
- Finished steel prices show mixed trends, sponge iron falls
BigMint’s billet index declined marginally by INR 50/t d-o-d to INR 38,750/t exw-Raipur on 12 June 2026, as buying interest in the semi-finished steel market remained subdued despite largely stable offers from mills.
Market participants noted that enquiries were limited and mostly focused on securing lower prices, prompting some mills to reduce offers to attract bookings. Weak demand in the finished steel segment, coupled with negative sentiment from neighbouring markets, continued to weigh on overall trade activity. Although sellers attempted to maintain spot prices at current levels, several market sources indicated that rising operating costs are compressing margins.
Finished steel market shows mixed trend
In Raipur, finished long steel prices reflected mixed market sentiment amid weak end-user demand. Rebar prices remained stable, while wire rod prices declined by INR 200/t d-o-d due to sluggish retail offtake and slow market movement.
Sponge iron prices edge lower
Sponge iron prices in the Raipur cluster fell by INR 200/t d-o-d as suppliers reduced offers to stimulate buying interest. Market participants reported limited bookings during the day despite the availability of lower-priced material.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,600/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 38,700-38,800/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 38,747/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,775/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,761/t exw-Raipur, rounded off to INR 38,750/t exw.
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