- Pre-monsoon restocking boosts market sentiment
- Finished steel recovers by INR 100-200/t in Raipur
BigMint’s billet index increased by INR 150/t day-on-day to INR 38,800/t exw-Raipur on 24 June 2026, supported by improved buying activity in the semi-finished steel segment and positive market cues from neighbouring regions.
Market activity picked up after a prolonged downtrend in billets and sponge iron, with buyers returning to the market for restocking ahead of the monsoon season. Improved enquiries and moderate bookings supported spot offers, while a mild recovery in finished steel prices further strengthened market sentiment.
Participants noted that buying interest improved across varied price levels, although procurement remained largely need-based. Positive momentum from nearby markets also contributed to firmer sentiment in the billet segment.
Finished steel sees mild recovery
In Raipur, finished steel prices moved higher amid improved buying activity. Rebar prices increased by INR 100/t d-o-d, supported by modest bookings, while wire rod prices recovered by INR 200/t from early-session lows due to better market participation. Market participants said the improvement in finished steel demand provided support to billet prices and encouraged selective restocking activity.
Sponge iron price gains
Sponge iron prices in the Raipur cluster increased by INR 200/t, supported by improved buying activity concluded at varied price levels. The DRI market remained volatile, starting the session under pressure before witnessing stronger buying interest during the latter half of the day. Improved sentiment in both billets and finished steel helped support sponge iron bookings, although participants continued to monitor demand sustainability ahead of the monsoon period.
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) – Six 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 38,794/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 38,786/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,790/t exw-Raipur, rounded off to INR 38,800/t exw.
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