India: BigMint's billet index remains stable amid limited buying

Finished steel prices decline by INR 200/t
Market activity remains sluggish

BigMint’s billet index remained stable d-o-d at INR 40,550/t exw on 11 May 2026, as limited demand and weak market sentiment continued to weigh on spot offers. However, bookings concluded in the previous session provided slight support to prevailing offers.

Market sentiment remained cautious despite stable prices. However, overall buying participation stayed limited, as most buyers had already procured adequate volumes in the previous session at favourable price levels. Buyers also remained cautious amid uncertainty over the sustainability of demand in the near term.

Sellers largely maintained stable prices, with some slightly lowering spot offers to align with prevailing demand conditions. However, the corrections failed to revive buying interest, as expectations of further price declines kept transactions largely need-based.

Finished steel softens

In Raipur, finished steel prices decreased further. Rebar prices declined by INR 200/t and wire rod prices remained stable d-o-d, reflecting weak end-user demand and limited enquiry levels. Market participants noted that subdued downstream demand continues to weigh on overall steel trade.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 15,150/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) – Two trade at INR 40,600/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 40,600/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 sixteen was INR 40,568/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,584/t exw-Raipur, rounded off to INR 40,550/t exw.

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