- Moderate demand and previous bookings supported sentiment
- Sponge iron and finished steel prices continued to strengthen
BigMint’s billet index extended its recovery, increasing by INR 150/t day-on-day to INR 39,000/t exw-Raipur on 18 June 2026. The marginal gain was supported by moderate buying activity and the impact of bookings concluded in previous sessions, lending support to both the semi-finished and finished steel segments.
The billet market stayed positive throughout the day, supported by positive sentiment from neighbouring markets and improved confidence amongst participants on yesterday’s buying activity. Spot offers edged higher during the session, although buying activity remained moderate as participants observing market movement and sustainablity for the near term.
Finished steel prices increased
In Raipur, finished steel prices recorded modest gains. Rebar offers increased by INR 300/t d-o-d amid improved buying activity d-o-d, while wire rod prices also rose by INR 300/t, supported by moderate bookings on elevated levels.
Sponge iron prices strengthen
Sponge iron prices in the Raipur cluster increased by INR 150/t d-o-d. Despite the price rise, buying activity remained relatively limited to moderate, as buyers anticipation for sponge iron prices a bit cautious for coming days.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/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 39,000/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 39,000/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 39,012/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,006/t exw-Raipur, rounded off to INR 39,000/t exw.
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