- Billet prices rise, but buying interest remains cautious
- Finished steel, sponge iron prices edge up despite limited demand
BigMint’s billet index continued its upward momentum on 10 February 2026, rising by INR 450/t day-on-day to INR 42,200/t exw-Raipur. However, market sentiment turned cautious amid limited buying interest at elevated price levels. Trading activity remained selective, with most participants pausing fresh bookings after having procured material in earlier sessions.Despite the price increase, overall enquiries in the semi-finished segment stayed subdued. The uptrend was supported by a positive shift in sponge iron demand across regions, which helped lift prices modestly. However, sentiment remained guarded, as buyers, having already secured material in the previous trading session, adopted a wait-and-watch approach to gain further market clarity.Traders noted that while prices improved compared with the previous session, most buyers continued to remain cautious and avoided aggressive stocking.Finished steel prices trend up
In the Raipur market, finished steel prices closed on a positive note. Rebar prices increased by INR 500/t d-o-d, while wire rod prices rose by INR 300/t d-o-d, supported by modest buying interest and reflecting steady demand. However, overall enquiries remained limited, keeping the upside capped.
Sponge iron prices edge up
Sponge iron prices in Raipur inched up by INR 350/t d-o-d, tracking a slight improvement in buying interest. Sellers maintained firm offer levels, supported by constrained availability and bookings concluded in earlier sessions. However, the marginal price rise indicated that demand recovery remains tentative.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,300/t, indicating continued margin pressure despite the modest rebound.
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) – No trades were recorded during the 10:30 am to 5:30 pm BigMint trading window .
- Other price indicators – bids/offers/indicatives (T2) – Twenty offers were reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 42,161/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,161/t exw-Raipur, rounded off to INR 42,200/t exw.
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