- Improved bookings from neighbouring regions contribute to price rise
- Local buyers show limited interest amid weak finished steel demand
BigMint’s billet index increased by INR 150/t d-o-d to INR 38,700/t exw-Raipur on 12 August 2026, supported by improved buying activity in the latter half of the trading session. Although local demand remained subdued, stronger enquiries and bookings from neighbouring western and southern markets provided support to spot prices and helped sustain the positive sentiment.
Market activity remained volatile through the session, with buying interest strengthening towards the second half. Demand from neighbouring markets helped absorb available billet volumes, encouraging producers to maintain or increase spot offers. However, local consumers remained cautious as weak downstream steel demand continued to limit fresh procurement.
The divergence between local and outside-market demand kept overall activity selective. Buyers in Raipur largely restricted purchases amid subdued finished steel enquiries, while improved buying from neighbouring regions provided an outlet for producers and prevented a sharper correction in spot prices.
Finished steel remains subdued
In the Raipur market, rebar prices remained unchanged d-o-d, while wire rod prices increased marginally by INR 100/t. End-user enquiries remained limited, indicating that the improvement in billet demand was not yet supported by a broad-based recovery in downstream steel consumption.
Sponge iron rises despite weak spot demand
Sponge iron prices in the Raipur cluster increased by INR 200/t d-o-d. Producers attempted to raise offers in anticipation of improved buying interest, although weak spot demand limited the response from buyers and capped the upside.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/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) – Nine trades at INR 38,400-38,800/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 38,730/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 38,662/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,696/t exw-Raipur, rounded off to INR 38,700/t exw.
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