- Lower bids pressure spot offers in semis
- Finished steel drops sharply in Raipur
BigMint’s billet index declined sharply by INR 400/t day-on-day to INR 41,300/t exw-Raipur on 16 February 2026, as weakening buying interest and thin enquiries weighed on market sentiment.
The semi-finished segment witnessed sustained pressure throughout the session, with buyers largely staying away from fresh procurement amid ongoing price corrections. Subdued demand in both billets and finished steel led to a drop in spot offers. While a few transactions were concluded toward the close of trading, these were primarily need-based bookings at lower price levels, reflecting cautious market participation.
Market participants noted that continued weakness in downstream steel demand remains the primary drag on billet prices. A Raipur-based trader said, “Buyers are negotiating aggressively at lower bids, and producers are compelled to align offers amid slow offtake.”
Finished steel prices fall sharply
In Raipur, finished steel prices corrected significantly. Rebar and wire rod prices declined by INR 300-600/t d-o-d, pressured by limited enquiries and weak construction-sector demand. Procurement activity remained strictly need-based, with traders refraining from building inventory.
Sponge iron weakens
Sponge iron prices in Raipur eased by INR 100/t d-o-d, tracking muted buying interest and weaker semi-finished demand. Market sentiment in the DRI segment remained cautious, with limited fresh bookings reported.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 13,800/t, reducing further margin compression amid falling billet realisations.
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) – Two trades at INR 41,300-41,350/t were 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 41,318/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 41,319/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,318/t exw-Raipur, rounded off to INR 41,300/t exw.
Click here for detailed methodology.
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