- Producers lower offers, leading to selective bookings
- Finished steel and sponge iron prices soften further
BigMint’s billet index remained unchanged at INR 37,450/t exw-Raipur on 13 July 2026, as limited buying interest and subdued downstream demand kept the market largely stable. Although the session witnessed minor fluctuations at lower price levels, selective buying emerged toward the close after producers reduced spot offers, helping the index maintain its previous level.
Market activity remained muted for most of the day as buyers continued to adopt a cautious approach amid the absence of a clear price direction. Procurement was largely restricted to immediate requirements, while softer enquiries from rerollers and other downstream consumers limited overall trading activity.
On the supply side, producers lowered offers to improve liquidity and attract buyers. The more competitive pricing encouraged selective billet bookings during the latter half of the session, resulting in a modest improvement in market participation. However, buying remained measured, indicating that consumers are still waiting for stronger demand signals before increasing procurement.
Finished steel prices remain under pressure
The downstream steel market continued to soften in Raipur. Rebar prices declined by INR 200/t d-o-d, while wire rod prices eased by INR 100/t, on limited buying interest and subdued enquiries from end-users. The continued weakness in finished steel prices reduced replenishment demand for billets, keeping pressure on the semi-finished steel market.
Sponge iron slips marginally
Sponge iron prices in the Raipur cluster edged lower by INR 50/t d-o-d. Producers largely attempted to hold offers in anticipation of an improvement in buying interest, but limited spot demand resulted in a marginal price correction.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,500/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 37,400-37,500/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 37,428/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 37,462/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,445/t exw-Raipur, rounded off to INR 37,450/t exw.
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