- Weak demand despite price correction in semis
- Finished steel weakens INR 300-500/t in Raipur
BigMint’s billet index declined by INR 250/t day-on-day (d-o-d) to INR 37,600/t exw-Raipur on 10 July 2026, as subdued buying interest and persistent weakness in downstream steel demand continued to pressure the semi-finished steel market. Lower enquiry levels and cautious procurement kept trading activity muted, while competitive offers from neighbouring markets prompted producers to reduce spot prices to attract buyers.
Market participation remained limited throughout the session, with buyers largely restricting purchases to immediate requirements. Many consumers had already secured material at lower prices earlier in the week and therefore refrained from fresh bookings. At the same time, competitively priced billet from neighbouring markets intensified pricing pressure in Raipur, compelling local sellers to revise offers downward to remain competitive.
The absence of support from the finished steel segment further weighed on billet demand, with rerollers continuing to adopt a cautious procurement strategy amid weak order inflows and declining finished steel prices.
Finished steel extends decline
The downstream finished steel market weakened further during the session. In the Raipur market, rebar prices declined by INR 500/t d-o-d, reflecting poor buying interest and bearish market sentiment. Wire rod prices also fell by INR 300/t, as muted enquiries and cautious purchasing by distributors and end-users continued to limit trading activity. The continued correction in finished steel prices reduced billet consumption by rerollers, reinforcing the bearish outlook across the semi-finished steel segment.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,600/t, down from the previous session.
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 37,600/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 37,600/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 37,637/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,618/t exw-Raipur, rounded off to INR 37,600/t exw.
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