- Buyers delay purchases, wait for clearer price direction
- Sponge iron prices rise amid strong bookings previously
BigMint’s billet index edged lower by INR 50/t d-o-d, settling at INR 42,150/t exw-Raipur on 6 March 2026, as subdued downstream demand continued to cap overall market momentum. Despite the marginal correction, market sentiment remained largely weak, with buyers maintaining a cautious stance amid elevated offers and an uncertain demand outlook in the finished steel segment.
Trading activity remained restricted throughout the session, with most procurement occurring strictly on a need-based basis. Buyers largely refrained from placing fresh bookings, preferring to wait for clearer price direction before committing to larger volumes. Mills also reported softer enquiry levels from downstream segments, which weighed on billet offtake.
On the supply side, producers attempted to hold offers at higher levels, supported partly by bookings concluded in previous sessions. However, this support proved insufficient to significantly improve overall market sentiment.
Finished steel prices show mixed movement
In the Raipur market, finished steel prices displayed mixed trends. Rebar prices increased by INR 300/t d-o-d, supported by selective demand from traders and distributors. Meanwhile, wire rod prices remained largely firm, though overall enquiry levels stayed limited.
Sponge iron prices rise on spot shortage
Sponge iron prices in Raipur increased by INR 300/t d-o-d, supported by shortages in spot supply and stronger buying momentum carried forward from the previous trading session in the spot market, which provided short-term cost support to billet producers.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 14,200/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 42,100-42,200/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 42,140/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twenty one offers were reported in the trading window and considered as T2 inputs. The average price of these twenty one was INR 42,175/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,157/t exw-Raipur, rounded off to INR 42,150/t exw.
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