- Easing power outages lift mill operations and buying requirement
- Finished steel and sponge iron prices rise in Raipur
BigMint’s billet index rose by INR 600/t day-on-day (d-o-d) to INR 44,300/t exw-Raipur on 19 October 2026, supported by improved buying interest and moderate bookings. Positive sentiment and a rise in enquiries firmed up spot offers.
Power situation improves
Market activity remained positive throughout the day as the power outage situation in the region has largely eased. Mills have reported no power cuts over the past few days and are now able to run their plants at required capacity, which is expected to increase their raw material buying requirement. Improved demand for semi-finished steel resulted in moderate bookings at varied price levels, while buyers remained selective.
Finished steel prices rise
In Raipur, rebar and wire rod prices each increased by INR 300/t d-o-d. The gains came on improved demand from traders and end-users compared with previous days.
Sponge iron prices move up
Sponge iron prices in Raipur rose by INR 300/t d-o-d, supported by stronger demand from steel smelters. Higher costs of raw materials, particularly non-coking coal, also lent support to prices. Trading activity was healthier compared with previous days.
Conversion spread
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 16,500/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 44,100-44,400/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 44,260/t, which was given a 50% weightage in the final price calculation.
• Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 44,337/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,298/t exw-Raipur, rounded off to INR 44,300/t exw.
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