- Sponge iron prices in Raipur decline by INR 100/t d-o-d
- Rebar, wire rod prices drop in the range of INR 200-300/t
BigMint’s daily billet index declined by a further INR 100/t d-o-d to INR 37,850/t exw-Raipur on 9 July 2026, as weak buying interest and continued price pressure pushed spot billet values to a fresh low. Limited demand from downstream consumers and cautious procurement kept market activity slow throughout the trading session.
Buying sentiment remained weak as many market participants had already secured adequate material during the previous session and opted to adopt a wait-and-watch approach. The absence of stronger demand from the finished steel segment further discouraged fresh billet procurement, resulting in limited spot transactions despite lower offers.
Adding to the pressure, competitively priced material from neighbouring markets and increased availability through traders continued to weigh on the Raipur market. Lower-priced offers from nearby regions prompted buyers to negotiate aggressively, reinforcing the bearish sentiment in the billet segment and restricting any scope for price recovery.
Finished steel prices decline
Weakness in downstream steel demand persisted during the session. In the Raipur market, rebar prices declined by INR 200/t d-o-d, while wire rod prices fell by INR 300/t, reflecting subdued end-user demand and cautious purchasing by distributors and rerollers. The continued correction in finished steel prices reduced billet procurement requirements and maintained downward pressure on the semi-finished steel market.
Sponge iron eases on limited buying
Sponge iron prices in the Raipur cluster also declined by INR 100/t d-o-d amid muted spot buying. Buyers remained cautious following recent purchases and continued to procure only against immediate production requirements, limiting trading activity despite softer offers.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster remained unchanged 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 37,750-37,900/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 37,850/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 37,855/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,852/t exw-Raipur, rounded off to INR 37,850/t exw.
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