- Weak finished steel demand continues to weigh on billet trade
- Market activity remains subdued amid Ganesh Chaturthi holiday
BigMint’s billet index declined by INR 400/t d-o-d to INR 43,600/t exw-Raipur on 14 September 2026, ending the recent price rally. Market activity remained subdued as several participants were operating at limited levels amid the Ganesh Chaturthi holiday. Meanwhile, weak downstream steel demand continued to weigh on billet procurement, prompting sellers to lower spot offers to attract buyers.
Trading remained slow during the session, with buyers adopting a cautious approach and waiting for greater clarity on the price direction. Mills continued to face weak orders for finished steel, limiting their requirement for semi-finished material. Most buyers therefore focused only on immediate requirements, keeping overall billet transaction volumes low.
Finished steel weakens
Weakness in the finished steel segment further pressured billet demand. In Raipur, rebar prices remained stable, although no significant trading activity was reported. Meanwhile, wire rod prices declined by INR 400/t d-o-d amid muted downstream demand and fewer enquiries.
Sponge iron also corrects
Sponge iron prices declined by around INR 50/t d-o-d, as lower bids and competitive offers from neighbouring markets exerted downward pressure. Buyers remained cautious amid weak billet demand and limited conversion economics.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in Raipur was assessed at around INR 14,000/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) – One trade was recorded at INR 43,600/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 43,600/t, which was given a 50% weightage in the final price calculation.
• Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 43,595/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,952/t exw-Raipur, rounded off to INR 41,950/t exw.
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