- Moderate bookings support billet prices
- Slight recovery seen in finished steel segment
BigMint’s billet index increased marginally by INR 100/t d-o-d to INR 43,600/t exw-Raipur on 24 September 2026, supported by improved buying interest and moderate bookings. Positive sentiment in the billet market and increased enquiries also strengthened spot offers, although subdued finished steel demand continued to limit overall market momentum.
Market activity remained volatile during the day, with positive price cues in the later half from neighbouring markets supported spot offers. Improved demand for semi-finished steel led to moderate bookings at varied price levels, while buyers remained selective.
Finished steel steady
In Raipur, both rebar and wire rod prices remained firm amid a slight improvement in activity from market participants. The mixed trend in finished steel indicated that the improvement in billet buying had yet to translate into broader demand across downstream segments.
Sponge iron prices firm
Sponge iron prices in Raipur recovered from its lower level to firm, with modest improvement in bookings reported during the trading session.
The conversion spread between pellet-based direct reduced iron (PDRI) and 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) – Four trades were recorded at INR 43,500-43,800/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 43,586/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 43,586/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,586/t exw-Raipur, rounded off to INR 43,600/t exw.
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