- Higher raw material costs support billet offers
- Buyer interest weakens at elevated price levels
BigMint’s billet index rose by INR 200/t d-o-d to INR 45,600/t exw-Raipur on 5 October 2026. Elevated raw material costs supported spot offers, but weak buying interest across semi-finished and finished steel segments limited further price momentum.
Market sentiment remained volatile, with spot offers rising sharply at the start of the session. However, negative price cues from neighbouring markets kept buying interest under pressure, with higher offers failing to attract buyers.
Buying interest weakened as the session progressed. Buyers remained cautious after securing sufficient material in earlier bookings, limiting fresh transactions at elevated price levels.
Finished steel sees mixed trend
Rebar prices in Raipur declined by INR 300/t d-o-d amid limited enquiries during the trading session, while wire rod prices remained unchanged.
Sponge iron prices soften
Sponge iron prices in Raipur declined marginally by INR 50/t d-o-d, with some bookings concluded at lower offers. However, overall buying activity remained slow as buyers resisted elevated price levels.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,200/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 45,500-45,600/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 45,542/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 45,656/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,599/t exw-Raipur, rounded off to INR 45,600/t exw.
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