- Expectations of further corrections keep buyers cautious
- Finished steel prices decrease by INR 500-700/t d-o-d
BigMint’s billet index fell by INR 500/t d-o-d to INR 43,500/t exw-Raipur on 23 September 2026, as buying activity remained limited despite competitive spot offers. Uncertainty and expectations of further correction kept buyers in wait-and-watch mode.
Market sentiment weakened amid subdued demand across semi-finished and finished steel segments, putting pressure on spot prices. A few deals were concluded towards the end of the trading session at lower offers, but overall participation remained limited.
Finished steel prices decline
Rebar prices in Raipur fell sharply by INR 700/t d-o-d, while wire rod prices declined by INR 500/t amid muted buying interest from end users.
Sponge iron prices soften
Sponge iron prices in Raipur declined by INR 350/t d-o-d as buying activity remained limited despite the price correction.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/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 43,350-43,500/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 43,384/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 43,568/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,476/t exw-Raipur, rounded off to INR 43,500/t exw.
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