- Enquries limited, sellers reduce offers to attract buyers
- Finished steel prices and sponge iron falls
BigMint’s billet index declined marginally by INR 100/t d-o-d to INR 38,750/t exw-Raipur on 22 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. Meanwhile, weak cues from neighbouring markets and continued softness in finished steel prices kept pressure on the semi-finished steel segment, resulting in a cautious and bearish market sentiment.
Finished steel prices weaken further
In Raipur, finished steel prices reduced by INR 200/t both in rebar and wire rod , weak demand at the ground level kept buying activity subdued throughout the day. Market participants reported fewer enquiries and slow retail offtake, resulting in dull trading activity and cautious procurement by buyers.
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 14,850/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 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) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,773/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,786/t exw-Raipur, rounded off to INR 38,750/t exw.
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