India: BigMint's billet index drops further by INR 550/t d-o-d on weak demand

Lower offers fail to revive buyer interest
Finished steel prices decline in Raipur

BigMint’s billet index declined by INR 550/t d-o-d to INR 44,450/t exw-Raipur on 12 October 2026, as weak market sentiment and subdued end-user demand continued to pressure prices despite lower spot offers from sellers.

Market activity remained slow amid weak demand and limited buyer enquiries. Subdued finished steel demand weighed on overall sentiment, while sellers lowered offers in an attempt to revive buying interest. However, buyers remained largely inactive even at reduced price levels.

Market participants reported stiff conditions regarding power supply disruptions which is impacting the billet production severly.

Finished steel prices decline

Rebar prices in Raipur fell by INR 100/t d-o-d, while wire rod prices declined by INR 700/t amid weak demand.

Sponge iron prices fall further

Sponge iron prices in Raipur decreased by INR 450/t d-o-d as overall demand remained weak.

The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,150/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) – Two trades were recorded at INR 44,300-44,400/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 44,340/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 44,554/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 44,447/t exw-Raipur, rounded off to INR 44,450/t exw.

Click here for detailed methodology