- Lower offers by sellers fail to boost trading activity
- Sponge iron, finished steel prices soften amid weak demand
BigMint’s billet index declined by INR 250/t d-o-d to INR 38,700/t exw-Raipur on 29 July 2026, as weak downstream demand and limited buying interest continued to weigh on the semi-finished steel market. Despite producers reducing spot offers, buying remained need-based, resulting in another correction in billet prices for the day.
Trading activity was subdued throughout the session, with only a handful of spot deals concluded. The momentum witnessed during the previous rally faded as weaker demand from the finished steel segment reduced billet procurement. Sellers lowered offers to stimulate buying, but cautious market sentiment and limited enquiries restricted transaction volumes.
Market activity was further affected by heavy rainfall across several regions, which disrupted transportation and trading with neighbouring markets. The logistical challenges, coupled with weak downstream demand, kept participation low and reinforced the bearish mood in the market.
Finished steel prices weaken
The finished steel market in Raipur remained under pressure. Rebar offers declined by INR 300/t d-o-d, while wire rod prices dropped by INR 400/t, reflecting muted end-user demand and fewer enquiries. The continued softness in finished steel consumption further reduced billet replenishment requirements.
Sponge iron eases on limited spot buying
Sponge iron prices in the Raipur cluster declined by INR 150/t d-o-d as spot buying remained limited. Most consumers had already secured material during the earlier price rally and continued to restrict procurement to immediate production needs.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,350/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 38,650-38,800/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 38,723/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 38,678/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,700/t exw-Raipur
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