- Semis offers increased on cost push and nearby demand support
- Sponge iron gains on tighter availability and improved buying
BigMint’s billet index increased by INR 200/t d-o-d to INR 39,000/t exw-Raipur on 17 August 2026, supported by a modest improvement in buying activity across the semi-finished steel segment. Although market sentiment remained volatile amid mixed cues from neighbouring markets, selective bookings at varied price levels provided support to spot prices.
Around 3,300 t of billet deals were concluded during the session, more than double the approximately 1,440 t recorded in the previous session. Despite the improvement in volumes, buyers largely restricted purchases to immediate requirements, while sellers maintained a balanced pricing approach amid fluctuating market conditions.
Selective negotiations resulted in transactions at mutually acceptable levels, limiting significant volatility in spot offers. The increase in billet bookings indicates some improvement in market participation, although sustained demand recovery remains dependent on downstream steel offtake.
Finished steel sees uptrend
In Raipur, rebar prices increased by INR 100/t, while wire rod prices rose by INR 200/t, supported by modest improvement in demand and enquiries. However, the market remained selective, with buyers continuing to assess price sustainability before increasing procurement.
Sponge iron strengthens further
Sponge iron prices in Raipur increased by INR 250/t d-o-d, as producers raised spot offers amid limited availability of quality raw material and an uptick in demand at elevated price levels.
The conversion spread between PDRI and billets for standalone induction furnaces in Raipur narrowed further to INR 12,700/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) – Four trades at INR 39,000-39,100/t was 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 39,030/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 38,996/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,013/t exw-Raipur, rounded off to INR 39,000/t exw.
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