India: BigMint's billet index declines further by INR 350/t d-o-d amid modest buying

Seller offers decline amid limited buyer interest
Finished steel prices eases by INR 300/t d-o-d

BigMint’s billet index fell by INR 350/t d-o-d to INR 40,000/t exw-Raipur on 22 September 2026, as sellers lowered offers to secure sales at reduced bid levels. Subdued demand continued to weigh on market activity, while buyers remained cautious amid uncertainty.

Continued weak demand weighed on trading activity and triggered further corrections in spot offers. Buyers maintained a cautious approach, while sellers lowered prices to revive trade. However, limited buyer participation kept market sentiment weak during the session.

Finished steel prices soften

Rebar and wire rod prices in Raipur declined by INR 300/t d-o-d amid a subdued response from market participants. Weak sentiment continued to weigh on buyer interest.

Sponge iron prices decline

Sponge iron prices in Raipur fell by INR 400/t d-o-d as buying activity remained muted and enquiries weakened during the trading session.

The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/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 44,000-44,100/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 44,027/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 44,021/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 44,024/t exw-Raipur, rounded off to INR 44,000/t exw.

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