- Demand from western India supports prices
- Finished steel prices up INR 300-700/t in Raipur
BigMint’s billet index in Raipur increased by INR 400/t d-o-d to INR 43,550/t ex-works on 7 April 2026, extending its upward trajectory amid volatile price trends and improved booking activity in the semi-finished steel segment.
Market activity remained dynamic throughout the session, supported by positive cues from northern India and steady demand from neighbouring regions. Improved enquiries translated into moderate booking volumes at varied price levels, while a slight recovery in finished steel demand helped sustain upward momentum in billet prices.
Market participants indicated that inter-regional demand continued to play a key role, with buyers from western India increasingly sourcing billets from central and eastern regions due to cost advantage.
Market drivers
Demand from Maharashtra, Gujarat and northern India remained strong, with billets from Raipur, Raigarh, and Durgapur gaining traction due to competitive pricing and favourable freight economics.
Buyers preferred procuring billets directly rather than converting from raw materials, as conversion costs remained elevated across regions.
Tight availability and rising prices of key raw materials, including scrap, pig iron, and coal, further supported the uptrend in the semi-finished segment.
Participants noted a relatively balanced market structure, with both buyers and sellers actively engaging, supported by expectations of near-term demand stability.
Finished steel posts gains
In the Raipur market, finished steel prices recorded a positive trend. Rebar prices increased by INR 300/t d-o-d, while wire rod prices rose by INR 700/t, supported by improved buying interest and stronger sentiment across key markets.
Sponge iron edges higher
Sponge iron prices in the Raipur cluster inched up by INR 100/t d-o-d, supported by firm input costs and recent booking trends. However, buying activity remained moderate at elevated price levels, with most deals concluded through negotiations.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,000/t, indicating improved producer margins.
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 43,500-43,900/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 43,546/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 43,600/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,573/t exw-Raipur, rounded off to INR 43,550/t exw.
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