- Tight billet availability lifts spot offers
- Regional enquiries strengthen buying activity
BigMint’s billet index increased by INR 800/t d-o-d to INR 44,400/t exw-Raipur on 15 September 2026, reaching its highest level in one year. Tight supply from billet manufacturers, coupled with continued buying support from the semi-finished steel segment, pushed spot prices higher during today’s trade session.
Market participation improved during the session, with enquiries increasing across markets. Buyers stepped up procurement amid expectations of further price gains, resulting in improved bookings at prevailing levels. Market participants indicated that billet manufacturers were operating currently at around 60% of production levels approximately, resulting in limiting spot availability.
The combination of restricted production and stronger regional buying encouraged sellers to raise offers.
Finished steel prices rise
In the finished steel segment, rebar prices increased by INR 200/t d-o-d, while wire rod prices surged by INR 800/t. Despite the price increases, overall market activity remained limited during the session. The rise in finished steel prices provided additional support to billet offers, although buying remained selective at elevated price levels.
Sponge iron prices soften
Sponge iron prices in Raipur declined by INR 150/t d-o-d as selective buying and lower bids weighed on market sentiment. Demand remained limited at prevailing price levels, putting pressure on sellers to adjust offers.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/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) – Five trades were recorded at INR 44,200-44,500/t 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 44,343/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 44,429/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,386/t exw-Raipur, rounded off to INR 44,400/t exw.
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