- Moderate bookings supported billet prices
- Weak finished steel demand caps momentum
BigMint’s billet index rose by INR 450/t d-o-d to INR 42,000/t exw-Raipur on 7 September 2026, supported by improved buying interest and moderate bookings. Positive sentiment in the billet market and increased enquiries also strengthened spot offers, although subdued finished steel demand continued to limit overall market momentum.
Market activity remained volatile during the day, with positive price cues from neighbouring markets supporting spot offers. Improved demand for semi-finished steel led to moderate bookings at varied price levels, while buyers remained selective.
Finished steel sees mixed trend
In Raipur, rebar offers increased by INR 300/t d-o-d, while wire rod prices remained unchanged amid a subdued response from market participants. The mixed trend in finished steel indicated that the improvement in billet buying had yet to translate into broader demand across downstream segments.
Sponge iron prices soften
Sponge iron prices in Raipur fell marginally by INR 100/t d-o-d, with limited bookings reported during the today’s trading session.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,650/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 were recorded at INR 42,000-42,400/t 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 42,275/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,200/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,237/t exw-Raipur, rounded off to INR 42,250/t exw.
Click here for detailed methodology
Leave a Reply