- Selective buying in semis keeps market sentiment range-bound
- Finished steel weak, while sponge iron sees marginal recovery
BigMint’s daily billet index edged lower by INR 50/t d-o-d to INR 38,350/t exw-Raipur on 31 July 2026, as modest buying interest in billets and sponge iron helped offset persistent weakness in downstream steel demand. Although the market remained cautious, balanced supply conditions and lower inflow of competitively priced material from neighbouring regions prevented any significant correction in spot prices.
Trading activity improved marginally compared with the previous session, with selective bookings reported in both billet and sponge iron. Producers maintained a balanced supply approach, avoiding aggressive price reductions despite subdued demand from the finished steel segment. At the same time, lesser availability of lower-priced material from neighbouring markets provided additional support to prevailing billet prices, keeping the market largely range-bound.
Market participants continued to identify finished steel demand as the primary concern. While procurement in the semi-finished steel segment improved modestly, buyers largely restricted purchases to immediate production requirements, awaiting a more sustained recovery in downstream consumption.
Finished steel remains mixed
The finished steel market in Raipur showed mixed trends. Rebar prices remained unchanged from the previous session, indicating stable procurement by rerollers, while wire rod prices declined by INR 200/t d-o-d amid weaker enquiries from end-users. The lack of broad-based improvement in long steel demand continued to limit billet consumption.
Sponge iron posts marginal gain
Sponge iron prices in the Raipur cluster increased by INR 50/t d-o-d, supported by modest improvement in buying activity. Selective restocking by billet producers and balanced spot availability enabled suppliers to raise offers slightly.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,250/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) – Seven trades at INR 38,650-38,800/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 38,313/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 38,338/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,325/t exw-Raipur, rounded off to INR 38,350/t exw.
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