- Finished steel prices rise by INR 200-500/t
- Higher sponge iron prices offer cost support
BigMint’s billet index rose by INR 200/t d-o-d to settle at INR 40,050/t exw-Raipur on 14 May 2026, supported by improved buying interest and moderate bookings in the semi-finished steel segment amid slightly better sentiment in finished steel.
The market remained volatile throughout the day, with positive cues from northern India triggering fluctuations in spot offers. A gradual improvement in semi-finished steel demand resulted in moderate bookings across varied prices, lending support to billet prices after the previous session’s decline.
Market participants said there was better participation today compared with earlier sessions, primarily driven by short-term restocking requirements and improved enquiries from downstream segments. However, sellers largely avoided aggressive bulk deals, anticipating further price upside if buying momentum sustains.
Finished steel sees improvement
In Raipur, finished steel prices moved higher, with rebar offers increasing by INR 200/t, while wire rod prices surged by INR 500/t d-o-d, supported by improved bookings and better enquiry levels during the day.
Sponge iron strengthens
Sponge iron prices in Raipur increased by INR 300/t d-o-d, supported by improved bookings and short-term restocking activity. The uptick in raw material prices also provided support to billet offers.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 14,550/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) – Five trades at INR 39,800-40,100/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 39,943/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 40,147/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 40,045/t exw-Raipur, rounded off to INR 40,050/t exw.
Click here for detailed methodology
Leave a Reply