- Enquires remain limited, sellers reduce offers to attract buyers
- Finished steel, sponge iron prices remain stable despite weak buying
BigMint’s billet index declined marginally by INR 50/t d-o-d to INR 38,100/t exw-Raipur on 20 July 2026, as buying interest in the semi-finished steel market remained limited amid slow finished steel demand and rainfall in the region. Sellers were forced to reduce offers to attract buyers.
Market participants noted that enquiries were limited and buyers were mostly focused on securing lower prices, prompting some mills to reduce offers to attract bookings. Meanwhile, weak cues from neighbouring markets and continued softness in finished steel prices kept pressure on the semi-finished steel segment, resulting in a cautious and bearish market sentiment.
Finished steel prices weaken further
In Raipur, finished steel prices remained largely stable to slightly weak. Rebar prices held steady, while wire rod prices corrected by INR 100/t. Weak ground-level demand continued to weigh on market activity, with buyers adopting a cautious approach. Market participants reported limited enquiries and sluggish retail offtake, leading to subdued trading sentiment and dull trading activity throughout the day.
Sponge iron prices remain stable
Sponge iron prices in the Raipur cluster remained stable d-o-d, as suppliers maintained their offers supported by previously executed sales volumes. However, buying interest remained subdued, with market participants reporting limited bookings during the day despite the availability of competitively priced material.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,200/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) – One trade at INR 38,100/t was 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 38,100/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,130/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,115/t exw-Raipur, rounded off to INR 38,100/t exw.
Click here for detailed methodology
Leave a Reply