- Selective inter-regional bookings provide limited price support
- Sponge iron slips marginally, finished steel prices show mixed trends
BigMint’s billet index fell slightly by INR 50/t d-o-d to INR 37,550/t exw-Raipur on 15 July 2026, as subdued buying interest and softness in downstream demand continued to weigh on the semi-finished steel market. Although the market witnessed a marginal price correction, trading activity remained modest, with most transactions concluded for nearby neighbouring markets where competitive pricing supported limited buying.
Overall market sentiment remained bearish, influenced by softer price trends in neighbouring regions and weak enquiries from the finished steel segment. Buyers largely continued to procure only against immediate requirements, while lower-priced material from nearby markets kept pressure on local billet offers. Nevertheless, selective inter-regional bookings in the semi-finished steel segment provided some support, resulting in moderate transaction volumes during the session.
Finished steel shows mixed trends
The finished steel market in Raipur displayed mixed price movements. Wire rod prices declined by INR 200/t d-o-d amid weak buying interest and slow demand. In contrast, rebar prices edged up by INR 100/t, supported by selective transactions and balanced availability.
Sponge iron edges lower
Sponge iron prices in the Raipur cluster slipped by INR 50/t d-o-d. Buying activity remained limited, with deals concluded only at lower bid levels as consumers maintained a cautious procurement strategy. Although producers attempted to hold offers at elevated levels following the previous session’s increase, the lack of stronger demand restricted fresh bookings resulted in a marginal correction.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/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) – Five trades at INR 37,500-37,600/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 37,535/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 37,538/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,537/t exw-Raipur, rounded off to INR 37,550/t exw.
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