- Finished steel demand improves after prolonged weakness
- Positive pricing cues in nearby markets influence Raipur
BigMint’s billet index rose by INR 300/t d-o-d to INR 43,000/t exw-Raipur on 9 September 2026, supported by improved billet demand from regional and neighbouring markets. Better buying interest strengthened spot prices, with improved finished steel demand helping sustain the upward movement in Raipur over the past three days.
Buying activity improves
Market activity remained volatile during the session, with positive price cues from nearby markets contributing to fluctuations in spot offers. Demand for semi-finished steel improved during the second half of the trading session, resulting in moderate bookings across varied price levels.
The continued improvement in finished steel demand supported seller confidence and enabled billet offers to remain firm. Market participants reported better buying interest compared with the prolonged weakness seen previously.
Finished steel prices rise
Rebar prices increased by INR 700/t d-o-d, supported by improved demand and a recovery in bookings after an extended period of weakness. Wire rod prices also increased by INR 200/t, reflecting stronger buying interest. The improvement across finished steel products provided additional support to billet prices, as sellers raised offers amid better downstream offtake.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased marginally by INR 50/t d-o-d, supported by a significant improvement in bookings during the trading session.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/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 were recorded at INR 43,000-43,200/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 43,085/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 42,950/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,017/t exw-Raipur, rounded off to INR 42,000/t exw.
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