- Stronger bookings from neighbouring markets aid spot offers
- Sponge iron and finished steel prices gain on modest buying support
BigMint’s billet index increased by INR 350/t d-o-d to INR 38,550/t exw-Raipur on 11 August 2026, supported by stronger buying interest and firm sentiment in the neighbouring markets. Improved procurement during the previous and current trading sessions enabled producers to raise spot offers, while healthier billet bookings helped absorb available material.
Market activity remained firm through the session, with buying interest emerging from both local consumers and neighbouring regions. Positive cues from northern and central India strengthened market confidence, encouraging buyers to conclude bookings across varied price levels. The improved demand helped tighten spot availability and provided additional support to billet prices.
However, the recovery was not uniform across the semi-finished steel chain. Sponge iron buyers became increasingly cautious as prices continued to rise, with several participants having already secured sufficient inventories during recent sessions. This limited fresh procurement despite higher producer offers.
Finished steel strengthens
In the Raipur market, rebar prices increased by INR 400/t d-o-d, while wire rod prices rose by INR 100/t, supported by modest improvement in demand and trading activity. The firmer finished steel market provided additional support to billet procurement and helped sustain the positive sentiment.
Sponge iron rises on higher offers
Sponge iron prices in the Raipur cluster increased by INR 500/t d-o-d, supported by improved buying activity during the previous and current sessions. However, the sharp rise in offers prompted buyers to adopt a cautious approach, particularly after securing material at lower levels in recent trading 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 13,050/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) – Six trades at INR 38,300-38,600/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 38,545/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 38,523/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,534/t exw-Raipur, rounded off to INR 38,550/t exw.
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