- Limited enquiries for semis pressure spot offers
- Finished steel prices show mixed trend in central India
BigMint’s billet index decreased marginally by INR 100/tonne (t) d-o-d to INR 44,350/t exw-Raipur on 21 September 2026, as market sentiment remained weak and buyers stayed away, having secured sufficient bookings during the previous session. Buyers adopted a wait-and-watch approach, seeking greater clarity on price direction before making fresh purchases.
Fresh enquiries remained limited amid weak demand across both semi-finished and finished steel segments, while lower bids from buyers and limited bookings pressured both billet and sponge iron segments.
Finished steel prices see mixed trend
In Raipur, rebar prices increased slightly by INR 100/t d-o-d, while wire rod prices declined by INR 300/t. However, buyers showed limited interest at current offers, restricting overall trading activity.
Sponge iron prices soften
Sponge iron prices in Raipur fell by INR 550/t d-o-d as buying interest remained limited, with fewer spot bookings despite lower offers today.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/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 44,300-44,800/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 44,375/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 44,362/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,368/t exw-Raipur, rounded off to INR 44,350/t exw.
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