- Moderate buying and earlier bookings support market sentiment
- Sponge iron and finished steel prices continue to strengthen
BigMint’s billet index extended its recovery, increasing by INR 100/t day-on-day to INR 38,950/t exw-Raipur on 3 June 2026. The marginal gain was supported by moderate buying activity and the impact of bookings concluded in earlier sessions, lending support to both the semi-finished and finished steel segments.
The billet market remained volatile throughout the day, influenced by positive sentiment from neighbouring markets and improved confidence among participants. Spot offers edged higher during the session, although buying activity remained moderate as many participants had already secured material at lower price levels during the recent correction phase.
Market participants noted that while sentiment has improved, buyers continue to remain cautious regarding the sustainability of the current recovery. As a result, fresh procurement was slowe today, with limited aggressive stocking observed.
Finished steel prices edge higher
In Raipur, finished steel prices recorded modest gains. Rebar offers increased by INR 100/t d-o-d amid selective buying activity, while wire rod prices rose by INR 200/t, supported by improved market sentiment and steady enquiries. Participants indicated that slight improvement in finished steel prices has provided support to billet demand, although overall trading activity remains below normal levels.
Sponge iron prices strengthen
Sponge iron prices in the Raipur cluster increased by INR 200/t d-o-d. Despite the price rise, buying activity remained relatively slow, as a large portion of buyers had already secured orders during previous sessions.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/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) – Four trades at INR 38,900-39,000/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 38,936/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,985/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,960/t exw-Raipur, rounded off to INR 38,950/t exw.
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