- Lower bids pressure semi-finished steel prices
- Finished steel prices drop on weak offtake
BigMint’s billet index eased further by INR 300/t day-on-day, settling at INR 41,450/t exw-Raipur on 18 March 2026, as lower bids and weakening demand continued to weigh on spot prices.
Market activity remained sluggish throughout the trading session due to limited buying interest and subdued enquiries. Participants reported weaker sentiment in the finished steel segment and slower offtake, which led to reduced spot bookings in semi-finished steel. Buyers restricted procurement to immediate requirements only, reflecting a cautious market despite price reduction.
Sellers, on the other hand, were compelled to reduce spot offers to align with prevailing demand conditions. Despite the price cuts, buying activity remained largely need-based, as expectations of further corrections kept market participation limited today.
Key market drivers
A sharp decline in sponge iron prices further pressured the semi-finished steel market. Sponge iron prices in Raipur fell by INR 400/t as sellers reduced offers in anticipation of improved buying activity and to remain competitive against neighbouring markets. The sustained weakness in raw material prices influenced billet pricing, resulting in additional corrections d-o-d.
Meanwhile, limited enquiries in the finished steel segment and subdued end-user demand led to intraday corrections of around INR 100-300/t in rebar and wire rod prices in the Raipur market.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 15,300/t, indicating relatively stable producer margins despite softer billet prices.
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 41,400-41,500/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 41,470/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 41,468/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,469/t exw-Raipur, rounded off to INR 41,450/t exw.
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