- Billet prices rise by INR 350/t d-o-d
- Finished steel prices rise in Raipur
BigMint’s billet index rose by INR 350/t d-o-d to INR 43,950/t exw-Raipur on 25 September 2026, supported by improved bookings concluded in the previous trading session. However, buyers who secured sufficient material yesterday remained cautious today, limiting fresh buying activity.
Market activity remained volatile, with positive price cues from nearby markets contributing to fluctuations in spot offers. Demand for semi-finished steel remained modestly weak, while moderate bookings were concluded across varied price levels.
Market participants remained focused on the consistency of finished steel demand, keeping buyers from neighbouring regions cautious in their purchasing decisions.
Finished steel prices rise
Rebar offers increased by INR 300/t d-o-d, supported by improved demand and a recovery in bookings after an extended period of weakness. Wire rod prices increased by INR 800/t, reflecting stronger buying interest after recent weakness. The recovery across finished steel products provided additional support to billet prices, allowing sellers to raise offers.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased by INR 300/t d-o-d, supported by improved bookings in the previous trading session. However, buying activity remained weak during today’s session.
The conversion spread between sponge iron (PDRI) and 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) – Four trades were recorded at INR 43,800-44,200/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 43,933/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 43,964/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,948/t exw-Raipur, rounded off to INR 43,950/t exw.
Click here for detailed methodology
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