- Buyers turn cautious, leading to lower participation
- Finished steel, sponge iron prices ease as demand weakens
BigMint’s billet index declined by INR 200/t d-o-d to INR 38,950/t exw-Raipur on 28 July 2026, as buying momentum weakened following the sharp price rally witnessed over the past two weeks. Softer demand, cautious procurement, and weaker market sentiment resulted in lower participation across the semi-finished steel segment, prompting a modest correction in spot prices.
Market activity remained subdued throughout the session as buyers refrained from fresh bookings after the recent increase in billet prices. Many participants had already secured material at lower levels during the previous fortnight and preferred to adopt a wait-and-watch approach amid negative cues from neighbouring markets.
On the supply side, producers attempted to maintain offers despite slower buying activity. However, the lack of downstream demand and reduced enquiries prevented sellers from sustaining the previous week’s price momentum.
Finished steel softens
The finished steel market in Raipur also witnessed a mild correction. Rebar and wire rod prices both declined by INR 100/t d-o-d, amid subdued end-user demand and cautious procurement by rerollers.
Sponge iron eases on weak buying
Sponge iron prices in the Raipur cluster declined by INR 100/t d-o-d as buying activity remained muted. Consumers stayed away from the spot market after completing bookings at lower prices in previous sessions, limiting fresh demand despite producers’ efforts to maintain offers.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster stood at INR 13,450/t, narrowing slightly 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 38,800-39,000/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 38,945/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 38,992/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,969/t exw-Raipur, rounded off to INR 38,950/t exw.
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