- Power disruptions tighten billet spot availability
- Weak finished steel demand limits buying interest
BigMint’s billet index increased by INR 50/t d-o-d to INR 45,800/t exw-Raipur on 7 October 2026, as uneven power outages reduced billet availability in the spot market and provided slight support to prices despite weak demand.
The billet index remained stable during the session, with a marginal increase towards the end of trading session. Weak market sentiment kept demand subdued across both semi-finished and finished steel segments today.
Market participants indicated that buyers were refraining from additional purchases as end-user demand for finished steel remained weak. At the same time, higher raw material and rising production costs continued to pressure semi-finished steel producers, contributing to lower production efficiency.
Finished steel prices show mixed trend
Rebar prices in Raipur remained unchanged d-o-d, while wire rod prices increased by INR 200/t today.
Sponge iron price declines further
PDRI sponge iron prices in Raipur declined by INR 150/t d-o-d to INR 29,200/t exw-Raipur, amid weak buying interest and lower enquiries.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,600/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) – One trade were recorded at INR 45,800/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 45,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 45,836/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,818/t exw-Raipur, rounded off to INR 45,800/t exw.
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