- Improved finished steel demand lends mild support
- Sponge iron prices ease marginally on modest demand
BigMint’s billet index remained unchanged at INR 37,550/t exw-Raipur on 16 July 2026, as selective buying and an improvement in downstream steel demand helped offset subdued trading activity. Although the market witnessed minor fluctuations at lower price levels during the session, producers maintained steady spot offers, allowing the index to hold its previous level.
Market participation in the semi-finished steel segment remained limited, largely because a sizeable volume of billet bookings had already been concluded in the previous trading session. With inventories adequately booked, producers refrained from revising offers, while buyers restricted fresh purchases to immediate requirements. As a result, trading activity remained limited throughout the day.
Sentiment, however, improved modestly on the back of better buying interest in the finished steel segment. The gradual recovery in downstream demand provided mild support to both billet and sponge iron markets, with participants closely monitoring whether the improvement would translate into sustained procurement over the coming sessions.
Another supportive factor was the absence of aggressively priced material from neighbouring markets. Unlike previous sessions, limited competitive offers from nearby regions enabled Raipur producers to maintain prevailing price levels, resulting in billet bookings within a narrow price range.
Finished steel market shows mixed trend
In the Raipur market, rebar prices eased marginally by INR 100/t day-on-day (d-o-d), while wire rod prices remained unchanged. Despite the slight correction in rebar, buying activity improved modestly, reflecting better downstream sentiment compared with recent sessions. The stability in finished steel prices provided some support to the semi-finished steel market.
Sponge iron price edges lower
Sponge iron prices in the Raipur cluster slipped by INR 50/t d-o-d. Producers largely maintained their offers in anticipation of stronger buying interest, while modest procurement activity helped support overall market sentiment. However, buying remained largely need-based, preventing any significant upward movement in prices.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,350/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) – Three trades at INR 37,500-37,700/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 37,594/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 37,553/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,573/t exw-Raipur, rounded off to INR 37,550/t exw.
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