- Lower offers fail to revive fresh bookings
- Finished steel prices showed mixed trend
BigMint’s billet index declined by INR 150/t d-o-d to INR 45,650/t exw-Raipur on 8 October 2026, as market activity remained slow amid fading buying interest. Lower offers failed to stimulate fresh bookings, while buyers remained cautious amid expectations of further price correction.
Fresh enquiries remained limited across both semi-finished and finished steel segments. Lower bids and limited bookings continued to pressure billet and sponge iron prices, while weak market sentiment kept buyer participation muted.
Finished steel prices show mixed trend
Rebar prices in Raipur increased marginally by INR 100/t d-o-d, while wire rod prices remained unchanged amid weak buying interest and subdued market sentiment.
Sponge iron prices decline
Sponge iron prices in Raipur declined by INR 100/t d-o-d amid weak demand and limited buying interest at prevailing offer levels. Lower billet production reduced consumption of sponge iron, weighing further on spot demand.
The conversion spread from sponge iron (PDRI) to billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,550/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 were recorded at INR 45,600/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 45,600/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 45,675/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,637/t exw-Raipur, rounded off to INR 45,650/t exw.
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