- Higher prices, demand for sponge iron lift billet offers
- Finished steel prices increase by INR 300-500/t d-o-d
BigMint’s billet index increased sharply by INR 450/t d-o-d to INR 38,250/t exw-Raipur on 23 July 2026, as improved buying interest and a surge in bookings across the semi-finished steel segment supported a strong recovery in spot prices. Stronger procurement of both billet and sponge iron marked a notable turnaround in market sentiment after a period of subdued trading.
The market remained volatile during the first half of the session, with positive price cues from northern India providing additional support to sentiment. As buying interest strengthened, market participants returned to the spot market, leading to bookings across multiple price levels. The improvement in demand enabled producers to raise offers, with higher transaction volumes reinforcing the recovery in billet prices.
Demand from neighbouring markets also remained supportive, while healthier procurement across the semi-finished steel value chain contributed to improved market confidence. The increase in buying activity indicates that consumers were more willing to replenish inventories following recent price stability and improving downstream demand.
The recovery in billet prices was further supported by good demand in the finished steel segment. Improved orders for long steel products encouraged rerollers to increase billet procurement, while better buying interest across nearby producing regions added further momentum to the market.
Transactions for approximately 5,800 t of billets were concluded in the Raipur region during the session, compared with 3,700 t booked in the previous trading session, highlighting a clear improvement in market participation.
Finished steel prices strengthen
The positive sentiment extended to the finished steel market. In Raipur, rebar prices increased by INR 500/t d-o-d, while wire rod prices rose by INR 300/t, supported by stronger buying activity and improved bookings throughout the day. The recovery in finished steel demand provided additional support to billet prices by encouraging rerollers to increase raw material procurement.
Sponge iron surges on stronger bookings
Sponge iron prices in the Raipur cluster increased by INR 450/t d-o-d, driven by a significant improvement in buying interest and higher booking volumes. Stronger procurement by billet producers, coupled with positive sentiment in the semi-finished steel market, enabled sponge iron manufacturers to raise spot offers. Continued tightness in raw material availability also lent support to higher sponge iron prices.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,800/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) – Six trade at INR 37,900-38,200/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 38,254/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 38,200/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,227/t exw-Raipur, rounded off to INR 38,250/t exw.
Click here for detailed methodology
Leave a Reply