- Positive cues from north India, neighbouring markets help lift prices
- Finished steel prices strengthen d-o-d, boosting billet demand
BigMint’s billet index increased by INR 250/t d-o-d to INR 37,800/t exw-Raipur on 17 July 2026, supported by improved buying interest and a sharp increase in bookings across the semi-finished steel segment. Stronger procurement in both billet and sponge iron helped firm spot prices, marking a recovery after an extended period of subdued market activity.
The market remained volatile throughout the trading session, with positive price cues from northern India lifting sentiment. Improved demand for semi-finished steel encouraged buyers to return to the market, resulting in bookings across a range of price levels. Market participants noted that after several weeks of weak procurement, buying from neighbouring markets picked up, significantly improving trading volumes and supporting the upward movement in prices.
The recovery in billet demand was also accompanied by stronger activity in the finished steel segment. Improved orders for long steel products encouraged rerollers to increase billet procurement, while healthier buying across nearby producing regions further supported market sentiment.
Approximately 5,100 t of billet transactions were concluded in the Raipur region during the session, compared with 1,800 t booked in the previous trading session, highlighting a substantial improvement in market participation.
Finished steel prices strengthen
The improvement in downstream demand was reflected in finished steel prices. In the Raipur market, rebar prices increased by INR 100/t d-o-d, while wire rod prices rose by INR 400/t, supported by stronger trading activity and improved bookings throughout the day. The recovery in finished steel provided additional support to billet demand, encouraging rerollers to replenish inventories.
Sponge iron gains on renewed restocking
Sponge iron prices in the Raipur cluster increased by INR 350/t d-o-d, backed by revived buying interest and a significant increase in restocking activity by billet producers. Improved procurement, combined with firm sentiment in the billet market, enabled producers to raise offers during the session.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/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) – Seven trades at INR 37,700-37,900/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 37,790/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 37,818/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,804/t exw-Raipur, rounded off to INR 37,800/t exw.
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