- Buyer resist elevated offers in semis
- Finished steel prices fall by INR 500-600/t
BigMint’s billet index dropped sharply by INR 550/t day-on-day to INR 41,800/t exw-Raipur on 31 March 2026, as subdued market activity and cautious buyer sentiment weighed on the semi-finished steel segment.
Trading activity remained largely muted, with buyers resisting elevated offer levels amid ongoing financial year-end closures and persistent volatility. Mills attempted to reduce spot offers to stimulate demand; however, buying interest remained limited, as participants stayed on the sidelines following the previous session’s sharp rally. Most transactions were concluded at discounted levels, reflecting weak spot liquidity and cautious procurement strategies.
Market participants noted minimal enquiries throughout the day, with buyers unwilling to commit unless prices softened further. The sharp correction in finished steel prices exerted additional pressure on billets, further dampening overall sentiment.
Finished steel prices fall sharply
In the Raipur market, finished steel prices declined significantly. Rebar prices dropped by INR 500/t d-o-d, while wire rod prices plunged by INR 600/t, impacted by weak downstream demand and reduced buying interest amid financial year-end constraints.
Sponge iron eases slightly
Sponge iron prices in the Raipur cluster declined by INR 100/t, tracking muted enquiries and weak demand from billet producers. Market activity remained limited, with procurement largely restricted to immediate requirements.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 15,000/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 41,700-41,800/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 41,784/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 41,864/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,823/t exw-Raipur, rounded off to INR 41,800/t exw.
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