- Volatile market lead to improved bookings in billet
- Finished steel demand aids modest recovery
BigMint’s billet index increased by INR 550/t d-o-d to INR 45,750/t exw-Raipur on 1 October 2026, reaching levels last recorded on 27 April 2023. Improved bookings during the trading session and stronger price cues from neighbouring markets supported the increase in spot offers.
Market activity remained volatile, with positive price cues from nearby markets supporting higher spot offers. Demand for billet improved across local and neighbouring markets, with bookings concluded at varied price levels during the session.
Market participants remained focused on the consistency of finished steel demand, keeping buyers from neighbouring regions cautious in their purchasing decisions.
Finished steel prices increase
Rebar prices in Raipur increased by INR 200/t d-o-d, supported by a modest recovery in bookings. Wire rod prices rose by INR 600/t amid moderate buying interest following recent weakness. The recovery across finished steel products provided additional support to billet prices, allowing sellers to raise spot offers.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased by INR 400/t d-o-d, driven by higher input costs amid elevated coal and raw pellet prices. However, buying activity remained weak during the session.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,200/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) – Ten trades were recorded at INR 45,600-45,900/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 45,757/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 45,775/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,766/t exw-Raipur, rounded off to INR 45,750/t exw.
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