- Festive slowdown limits market participation
- Finished steel prices softens by INR 300/t d-o-d
BigMint’s billet index declined by INR 250/t d-o-d to INR 41,900/t exw-Raipur on 4 September 2026. Market activity remained slow amid the festive holiday, weak demand and lower participation across the semi-finished steel segment.
Despite reduced offers, buying interest remained subdued as weak finished steel demand over the past couple of days prompted buyers to remain cautious. Most participants preferred to await an improvement in downstream offtake before making fresh bookings.
Weak cues from neighbouring markets also weighed on sentiment, particularly across the finished steel segment, adding to the downward pressure on billet prices. Overall market sentiment remained bearish during the session.
Finished steel weakens
In Raipur, both rebar and wire rod prices declined by INR 300/t d-o-d, as weak end-user demand and limited enquiries continued to pressure the finished steel segment.
Sponge iron prices dip
Sponge iron prices in Raipur declined marginally by INR 50/t. Buying activity remained limited as most buyers had already secured sufficient material during earlier trading sessions.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 12,900/t, marking a further 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) – Four trades were recorded at INR 41,800-42,500/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 41,860/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 fourteen was INR 41,957/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,908/t exw-Raipur, rounded off to INR 41,900/t exw.
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