- Weak finished steel demand pressures billet prices
- Rebar, wire rod and sponge iron prices decline
BigMint’s billet index declined by INR 400/t d-o-d to INR 44,100/t exw-Raipur on 15 October 2026, as subdued demand and limited enquiries kept market activity slow. Weak finished steel offtake pressured buyer bids, prompting sellers to lower offers to stimulate bookings.
Spot offers remained under pressure amid persistent weakness across semi-finished and finished steel segments. Only a handful of deals were reported at lower price levels, mainly to meet urgent requirements, while overall buying interest remained weak.
Weak finished steel demand forced buyers to maintain lower bids, compelling sellers to reduce offers in an attempt to secure bookings.
Finished steel prices decline
Rebar prices in Raipur fell by INR 200/t d-o-d, while wire rod prices declined by INR 100/t amid subdued demand.
Sponge iron prices soften
Sponge iron prices in Raipur decreased by INR 150/t d-o-d as demand remained under pressure.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,100/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 44,100-44,300/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 44,160/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 44,062/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,111/t exw-Raipur, rounded off to INR 44,100/t exw.
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