- Weak market sentiment weigh on fresh bookings
- Finished steel prices remain unchanged in Raipur
BigMint’s billet index declined marginally by INR 150/t d-o-d to INR 38,950/t exw-Raipur on 30 June 2026, as subdued buying interest and weak market sentiment weighed on trading activity. Lower enquiries and cautious procurement across the semi-finished steel segment resulted in limited transactions, while month closing factors further dampened fresh bookings.
Market participation remained slow throughout the trading session, with buyers restricting purchases to immediate requirements amid weak downstream demand. Negative cues from neighbouring markets also weighed on sentiment, limiting buying interest across both semi-finished and finished steel segments.
Despite the softer market, sellers tried to maintain their offer levels, supported by bookings concluded in previous sessions. However, most buyers refrained from placing additional orders as they focused on month-end inventory and financial closures, resulting in muted spot activity.
Finished steel prices remain stable
The finished steel market showed little movement during the session. In the Raipur market, both rebar and wire rod prices remained unchanged, indicating balanced supply but continued weakness in downstream demand.
Sponge iron eases on weak enquiries
Sponge iron prices in the Raipur cluster declined by INR 100/t d-o-d as lower enquiries and subdued demand prompted producers to reduce offers marginally to stimulate bookings. Trading activity remained limited despite the price correction.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,900/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 38,900-39,000/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 38,933/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 38,977/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,955/t exw-Raipur, rounded off to INR 38,950/t exw.
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