- Cautious participation amid varying market sentiments
- Finished steel prices show mixed trends in Raipur
BigMint’s billet index remained unchanged d-o-d at INR 43,500/t exw-Raipur on 11 September 2026. Market activity remained limited as buyers had secured sufficient volumes in earlier sessions, while the upcoming Ganesh Chaturthi festival further curbed fresh enquiries and trading activity.
Market enquiries stayed weak as buyers refrained from additional procurement after covering their immediate requirements earlier this week. Festive-related slowdown further dampened trading momentum, keeping spot activity subdued.
Market participants continued to monitor whether the recent price gains can be sustained, as the finished steel segment has yet to gain stronger buying support. Limited fresh bookings also reduced the scope for further movement in billet prices during the session.
Finished steel market mixed
In Raipur, rebar prices declined by INR 200/t d-o-d, while wire rod prices increased by INR 400/t. Overall activity remained slow, with buyers showing limited interest in fresh bookings due to sufficient order coverage. The mixed movement in finished steel prices indicated a lack of demand direction, keeping billet buyers cautious at prevailing levels.
Sponge iron prices stable
Sponge iron prices in Raipur remained unchanged, with offers showing slight variation amid limited enquiries and lower buyer bids.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/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) – One trade were recorded at INR 43,500/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 43,500/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 43,625/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,562/t exw-Raipur, rounded off to INR 43,550/t exw.
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