- Billet prices edge up, but demand remains muted
- Finished steel and sponge iron prices mixed amid cautious buying
BigMint’s billet index rose by INR 100/t day-on-day to INR 40,750/t exw-Raipur on 16 January 2026. However, overall market activity remained subdued due to weak demand and limited participation in the semi-finished steel segment.
Manufacturers marginally raised offers, supported by limited absorption of volumes in neighbouring markets. However, domestic buying interest stayed subdued, as most consumers had already covered near-term requirements and chose to await clearer price cues before committing to fresh bookings. Ongoing sluggishness in the finished steel segment further constrained billet offtake, keeping overall demand under pressure. Consequently, trading activity remained thin, with deals largely restricted to immediate, need-based purchases.
Market highlights
- Finished steel: In Raipur, rebar prices increased marginally by INR 100/t, while wire rod prices decreased by INR 100/t. Demand remained largely need based across segments.
- Sponge iron: Sponge iron prices in Raipur decreased marginally by INR 50/t; booking volumes stayed limited amid a cautious regional market outlook.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 16,200/t, reflecting a marginal correction from previous levels.
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 at INR 40,600-40,700/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 40,700/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 40,838/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,769/t exw-Raipur, rounded off to INR 40,750/t exw.
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