- Lower offers stimulate bookings amid volatile market sentiment
- Sharp correction in finished steel prices weighs on market outlook
BigMint’s billet index declined by a further INR 200/t d-o-d to INR 43,850/t exw-Raipur on 23 October 2026, amid volatile market sentiment. Lower offers encouraged buying interest in the semi-finished steel segment, while improved procurement activity for sponge iron provided some support to the raw material market.
Buying activity improved during the trading session as sellers reduced offers, prompting short-term restocking and an increase in bookings. However, overall market confidence remained fragile, as the finished steel segment continued to face weak demand. Sharp price corrections in finished steel further weighed on market sentiment, limiting the scope for a sustained recovery in billet prices.
Finished Steel: In Raipur, rebar prices fell sharply by INR 700/t d-o-d, while wire rod prices declined by INR 300/t. Weak end-user demand and sluggish offtake prompted further spot market corrections, intensifying pressure on the finished steel segment.
Sponge Iron: Prices in Raipur increased by INR 50/t d-o-d, supported by improved buying activity in pellet-based material.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/t, down INR 250/t from INR 16,000/t recorded in the previous session.
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) – Five trades were recorded at INR 43,700-43,800/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 43,784/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 43,916/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,851/t exw-Raipur, rounded off to INR 43,850/t exw.
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