- Tight raw material availability and positive cues supported offers
- Finished steel prices recover, but buyer caution at elevated levels
BigMint’s billet index increased by INR 400/t d-o-d to INR 39,800/t exw-Raipur on 19 August 2026, supported by limited bookings in the semi-finished steel segment, positive cues from neighbouring markets and a modest recovery in finished steel prices.
The upward movement was also underpinned by tight raw material availability and rising production costs, which squeezed producer margins and encouraged sellers to raise spot offers despite limited end-user demand. Stronger market signals from northern India provided additional support to sentiment.
However, buyers remained cautious at elevated price levels, with participants assessing whether the current rally can be sustained before committing to fresh bookings. The disparity between higher seller offers and restrained buying interest continued to limit overall transaction momentum.
Finished steel prices recover
In Raipur, rebar prices increased by INR 200/t d-o-d, while wire rod prices rose by INR 400/t, supported by a limited recovery in buying activity and improving market sentiment.
Sponge iron edges higher
Sponge iron prices in Raipur increased by INR 100/t d-o-d. However, demand remained limited at elevated offer levels, restricting the pace of fresh procurement by billet producers.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster widened to INR 12,700/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) – Five trades at INR 39,700-40,000/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 39,785/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 39,835/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,810/t exw-Raipur, rounded off to INR 39,800/t exw.
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