- Higher finished steel prices support billet uptrend
- Rise in sponge iron prices offers cost support
BigMint’s billet index extended its upward trend on 28 July 2026, rising by INR 550/t d-o-d to INR 39,150/t exw-Raipur, as strong buying interest and supportive sentiment across neighbouring markets drove another sharp increase in spot prices. Producers raised offers, and the positive sentiment prevailing across northern and central India encouraged buyers to conclude bookings across a range of price levels. The recovery in demand helped absorb available spot material.
Finished steel prices strengthen
The finished steel market in Raipur recorded another round of price increases. Rebar prices surged by INR 600/t d-o-d, while wire rod prices increased by INR 500/t, supported by improved market sentiment and better trading activity. Although buying remained moderate, the recovery in finished steel prices reinforced billet demand across the region.
Sponge iron rises on higher offers
Sponge iron prices in the Raipur cluster increased by INR 500/t d-o-d, on higher offers from producers amid continued raw material cost pressures. However, fresh buying remained limited at elevated price levels, as many consumers had already completed procurement during the previous few sessions.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster narrowed further to INR 13,550/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) – Nine trades at INR 39,100-39,200/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 39,152/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 39,118/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,135/t exw-Raipur, rounded off to INR 39,150/t exw.
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