- Subdued buying persists despite lower spot offers
- Finished steel prices also fall by INR 200/t d-o-d
BigMint’s billet index declined by INR 200/t d-o-d to INR 39,750/t exw-Raipur on 27 February 2026, as limited market participation and weak downstream demand continued to pressure the semi-finished steel segment.
Despite reduced spot offers, buying interest remained subdued. Participants adopted a cautious stance, awaiting clearer signs of recovery in finished steel offtake before committing to fresh billet bookings. Weak cues from neighbouring markets and persistent pressure in the finished steel segment further dampened sentiment, keeping the overall tone bearish.
Market sources indicated that procurement was largely need-based, with thin enquiry volumes and selective transactions concluded at negotiated levels. A Raipur-based trader said, “Even after multiple corrections, buyers are not stepping up, as finished steel movement is not supportive.”
Finished steel weakens further
In Raipur, both rebar and wire rod prices declined by INR 200/t d-o-d, reflecting tepid end-user demand and restricted trade activity. Limited construction and infrastructure offtake continued to weigh on pricing.
Sponge iron prices soften
Sponge iron prices in Raipur dropped by INR 300/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 13,850/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) – Two trades at INR 39,700-39,800/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 39,728/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twenty offers were reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 39,802/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,765/t exw-Raipur, rounded off to INR 39,750/t exw.
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