- Weak demand and limited participation weigh on sentiment
- Buyers remained cautious over market sustainability
BigMint’s billet index in Raipur declined by INR 200/t day-on-day to INR 41,750/t ex-works on 20 April 2026, as subdued demand and limited market participation continued to weigh on the semi-finished steel segment.
Market activity remained sluggish throughout the session, with buyers maintaining a cautious stance amid weak finished steel offtake. Despite sellers lowering spot offers, buying interest failed to improve meaningfully, as participants awaited clearer demand signals before committing to fresh bookings. Weak cues from neighbouring markets and persistent buyer resistance further pressured spot prices, keeping overall sentiment bearish. A few deals were concluded at slightly lower levels, reflecting intraday weakness.
Finished steel softens
In the Raipur market, finished steel prices edged lower. Rebar prices declined by INR 200/t day-on-day, while wire rod prices dropped by INR 300/t, as end-user demand remained weak and enquiries limited.
Sponge iron eases
Sponge iron prices in the Raipur cluster decreased by INR 100/t, weighed down by subdued buying sentiment and limited enquiries. Procurement remained largely need based, with no significant improvement in trade volumes.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,950/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 at INR 41,700-41,800/t were recorded 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 41,789/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 seventeen was INR 41,750/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,769/t exw-Raipur, rounded off to INR 41,750/t exw.
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