- Competitive offers from nearby markets, weak finished steel offtake weigh on index
- Billet availability expected to improve in coming days as power supply normalises
BigMint’s billet index declined by INR 350/t d-o-d to INR 44,050/t exw-Raipur on 22 October 2026, as limited demand and subdued market participation weighed on sentiment. Competitive offers from neighbouring markets and weak finished steel offtake added pressure on sellers seeking bookings.
Market activity remained slow, with only modest bookings reported during the session. Market participants indicated that billet availability is expected to improve in the coming days following the resolution of power supply disruptions. However, increased availability could add to seller competition amid weak downstream demand.
Finished steel prices decline
Rebar prices in Raipur fell by INR 100/t d-o-d, while wire rod prices declined by INR 300/t as weak demand and slower offtake continued to weigh on the finished steel segment.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased marginally by INR 50/t d-o-d, supported by improved bookings after a prolonged period of weakness.
The conversion spread between pellet-based direct reduced iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/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 44,000-44,100/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 44,031/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 44,050/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,040/t exw-Raipur, rounded off to INR 44,050/t exw.
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