- Earlier bookings strengthen seller confidence
- Elevated offers limit fresh buying interest
BigMint’s billet index rose by INR 550/t d-o-d to INR 43,550/t exw-Raipur on 10 September 2026, reaching its highest level since 7 April 2026. Continued buying support from the semi-finished and finished steel segments in recent sessions helped sellers raise spot offers and push prices to a five-month high.
Market sentiment remained volatile, with spot offers rising sharply from the start of the trading session. Improved bookings concluded during the previous few sessions strengthened seller confidence and supported higher asking prices. However, buying interest weakened as the session progressed. Higher offers and sufficient bookings already placed earlier prompted buyers to remain cautious, limiting fresh transactions at elevated levels.
Finished steel prices rise
Rebar prices in Raipur increased by INR 1,100/t d-o-d, supported by improved demand and bookings concluded during earlier sessions. Wire rod prices also rose by INR 900/t d-o-d. The sustained improvement in finished steel prices provided additional support to billet offers, although today’s higher price levels resulted in a more cautious response from buyers.
Sponge iron prices increase
Sponge iron prices in Raipur rose by INR 600/t d-o-d, supported by bookings concluded in previous trading sessions. However, buying activity remained slow today as buyers resisted elevated offers.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/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) – Two trades were recorded at INR 43,500/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 43,500/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 43,618/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,559/t exw-Raipur, rounded off to INR 43,550/t exw.
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