- Limited buying persists despite lower spot offers
- Finished steel prices soften by INR 300/t in Raipur
BigMint’s billet index declined by INR 400/t d-o-d to INR 40,850/t exw-Raipur on 24 March 2026, as limited market participation and weak downstream demand continued to pressure the semi-finished steel segment.
Despite reduced spot offers, buying interest remained limited. Participants adopted a cautious approach, awaiting clearer signs of recovery in finished steel offtake before proceeding for additional billet bookings. Weak cues from neighbouring markets and persistent pressure in the finished steel segment further dampened sentiment, keeping the overall sentiments bearish.
Market sources indicated that procurement will stay subdued for this week due to financial closing, with limited enquiries and selective transactions concluded at negotiated lower levels. A Raipur-based trader said, “Even after multiple corrections, buyers are not stepping up, as finished steel movement and sentiments are not supportive.”
Finished steel weakens further
In Raipur, both rebar and wire rod prices declined by INR 300/t d-o-d, indicating tepid end-user demand and restricted trade activity.
Sponge iron prices soften
Sponge iron prices in Raipur dropped by INR 150/t d-o-d, as constrained buying and competitive offers exerted additional pressure. The correction in DRI prices partially cushioned billet margins, though overall demand conditions remained fragile.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,100/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 40,750-41,000/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 40,901/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 40,825/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,863/t exw-Raipur, rounded off to INR 40,850/t exw.
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