- Limited enquiries in semis soften spot offers
- Finished steel sees mixed trend in central India
BigMint’s billet index edged down by INR 50/t d-o-d to INR 45,200/t exw-Raipur on 30 September 2026, as market activity remained slow amid fading buying interest. Lower offers failed to stimulate fresh bookings, while buyers remained cautious amid expectations of further correction.
Fresh enquiries remained limited across the semi-finished and finished steel segments, while lower bids and limited bookings continued to pressure billet and sponge iron prices. Market participation remained muted as buyers adopted a cautious approach amid expectations of further correction.
Finished steel prices show mixed trend
Rebar prices in Raipur remained unchanged d-o-d, while wire rod prices declined by INR 300/t amid weak buying interest and subdued market sentiment.
Sponge iron prices decline
Sponge iron prices in Raipur fell by INR 150/t d-o-d amid weak demand and limited buying interest at elevated offer levels.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,050/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 45,200-45,500/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 45,200/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 45,186/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,193/t exw-Raipur, rounded off to INR 45,200/t exw.
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