- Transactions in billet surge at varried price levels
- Sponge iron rebounds while finished steel prices firm
BigMint’s billet index edged down by INR 50/t d-o-d to INR 37,950/t exw-Raipur on 8 July 2026, as buyers resisted higher offers despite a notable improvement in trading activity. The marginal correction came towards the close of the trading session, with varied billet grades changing hands at different price levels and supporting a sharp increase in transaction volumes.
Market sentiment remained volatile throughout the day. While neighbouring markets attempted to lift prices and improve sentiment, buying interest weakened at elevated offer levels, slowing trading activity during the first half of the session. As sellers adjusted offers to more competitive levels, buyers returned selectively, resulting in improved bookings across multiple billet grades by the end of the day.
Approximately 6,800 t of billet transactions were concluded during the session, significantly higher than the 2,300 t recorded in the previous trading session. The increase in deal volumes suggests that lower to moderate price levels attracted buyers seeking to replenish immediate requirements.
Finished steel remains firm
In the Raipur market, rebar prices remained unchanged, while wire rod prices increased marginally by INR 100/t d-o-d, supported by selective buying and limited availability. However, the modest improvement in finished steel prices was insufficient to generate stronger billet demand, with buyers continuing to exercise caution.
Sponge iron rebounds on higher offers
Sponge iron prices in the Raipur cluster increased by INR 150/t d-o-d as producers revised offers upward following improved bookings in the previous session. Despite the price increase, fresh buying activity remained weak, as many consumers had already secured adequate material at lower prices during yesterday’s trading session. Consequently, higher offers limited additional procurement despite the volatile price trend.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,700/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) – Five trades at INR 37,800-38,100/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 37,977/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 37,944/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,961/t exw-Raipur, rounded off to INR 37,950/t exw.
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