- Weak finished steel demand weighs on offers
- Limited spot availability fails to support prices
BigMint’s billet index declined by a further INR 300/tonne (t) d-o-d to INR 44,150/t exw-Raipur on 13 October 2026, as weakening demand and limited market participation continued to weigh on the semi-finished steel segment.
Despite lower offers, buying interest remained subdued. Sluggish finished steel demand over the past few days prompted buyers to adopt a cautious approach, with most postponing fresh bookings of semi-finished steel until downstream offtake improves. Weak cues from neighbouring markets and continued pressure from the finished steel segment further dampened sentiment, keeping the market on a downward trajectory.
On the supply side, billet production and availability remained constrained by power disruptions over the past few days. However, reduced output failed to provide meaningful price support, as weak buying interest continued to outweigh supply-side constraints.
Finished steel
In Raipur, rebar prices declined by INR 200/t d-o-d, while wire rod prices fell by INR 300/t, reflecting persistently weak end-user demand.
Sponge iron
Prices in Raipur dropped by INR 200/t amid subdued buying interest and cautious market sentiment.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,050/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 were recorded at INR 44,000-44,200/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 44,181/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 44,125/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,153/t exw-Raipur, rounded off to INR 44,150/t exw.
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