India: BigMint’s billet index marginally increases INR 150/t d-o-d amid need-based buying

• Billet prices edge up amid cautious, need-based buying
• Finished steel prices show mixed trend, while DRI softens

BigMint’s billet index increased marginally by INR 150/t d-o-d to INR 44,600/t exw-Raipur on 18 September 2026, as prices moving up after the market remained closed on the previous day. Sellers were offering material at firm levels, although overall buying remained largely need-based.

Sellers remained firm on offers following the holiday, while buyers showed limited interest and largely focused on immediate requirements. Trading activity remained subdued, with only limited deals concluded during the session as participants continued to adopt a cautious approach.

Finished steel prices rise

In Raipur, rebar prices increased by INR 100/t d-o-d, while wire rod prices decreased by INR 300/t. Buyers remained cautious at higher price levels, resulting in limited spot transactions during the session. Firmness in finished steel prices supported seller offers to some extent, while muted enquiries suggested that demand from downstream markets remained largely subdued.

Sponge iron prices soften

Sponge iron prices in Raipur declined marginally by INR 200/t d-o-d as buying interest remained weak at prevailing price levels anticipating further price reduction.

The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,400/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) – Three trades were recorded at INR 44,600-44,700/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 44,650/t, which was given a 50% weightage in the final price calculation.

Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these Twelve was INR 44,550/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 44,608/t exw-Raipur, rounded off to INR 44,600/t exw.