- Holiday-led slowdown in bookings amid limited fresh procurement
- Finished steel demand remains limited, while sponge iron gains slightly
BigMint’s billet index declined marginally by INR 100/t day-on-day (d-o-d) to INR 38,800/t exw-Raipur on 14 August 2026, as market activity slowed ahead of the holiday and buyers remained cautious after completing sufficient bookings in earlier sessions. Weak finished steel demand continued to limit fresh billet procurement, keeping overall sentiment subdued.
Trading activity remained slow, with buyers adopting a wait-and-watch approach before committing to additional volumes. The lack of support from downstream steel demand continued to weigh on billet procurement, while the holiday also contributed to lower participation.
On the supply side, producers attempted to hold offer levels, supported by selective bookings to outside markets and rising raw material replacement costs. However, limited domestic demand prevented sellers from securing a stronger price position. Market participants continued to monitor downstream offtake for clearer direction.
Finished steel remains stable
In Raipur, rebar and wire rod prices remained unchanged d-o-d, with limited enquiries and weak buying sentiment keeping the finished steel market under pressure. The absence of a meaningful recovery in finished steel demand continued to restrict billet consumption.
Sponge iron gains marginally
Sponge iron prices increased by INR 100/t d-o-d in Raipur, supported by some selective bookings from buyers. The gain in sponge iron prices provided limited cost-side support to billet producers despite weak downstream demand.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in Raipur narrowed to INR 12,750/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 at INR 38,800/t was 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 38,800/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 38,821/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,810/t exw-Raipur, rounded off to INR 38,800/t exw.
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