- Volatile trend aids semis despite limited buying
- Finished steel prices recover on modest demand
BigMint’s billet index increased by INR 250/t day-on-day to INR 38,900/t exw-Raipur on 10 June 2026, supported by heightened market volatility and moderate buying support across the semi-finished and finished steel segments.
The billet market remained volatile throughout the trading session, influenced by positive cues from northern India that resulted in fluctuations in spot offers. Despite the upward movement in prices, buying activity remained relatively restrained, as many participants had already secured material in earlier sessions and were reluctant to make aggressive purchases at higher levels.
Market participants noted that sellers maintained a firmer stance, anticipating further upside potential amid improving buyer participation and a gradual recovery in finished steel enquiries. However, fresh bookings were largely need-based, keeping overall trade volumes moderate.
Finished steel prices recover
In Raipur, finished steel prices moved higher on the back of improved buying activity seen in previous sessions. Rebar offers increased by INR 100/t d-o-d, while wire rod prices rose by INR 200/t, indicating better market sentiment and selective procurement from buyers.
Sponge iron prices stable
Sponge iron prices in the Raipur region remained unchanged during the day. Market participants reported limited buying support, while competitive offers from neighbouring suppliers created stiff competition among sponge iron manufacturers.
The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed at INR 14,700/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) – Three trades at INR 38,900-39,000/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 38,911/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 38,865/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,888/t exw-Raipur, rounded off to INR 38,900/t exw.
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