India: BigMint’s billet index rises by INR 400/t d-o-d but buyers remain cautious – 23 Jan

• Positive cues from north India lead to price hikes today
• Moderate finished steel demand slows down billet trade

BigMint’s billet index rose by INR 400/t d-o-d to INR 41,000/t exw-Raipur on 23 January 2026, driven by positive cues from north India. However, overall market activity remained restricted due to sluggish demand and subdued participation.

Manufacturers raised offers in response to favourable regional signals, yet market sentiment remained volatile throughout the day. While neighbouring regions provided modestly positive influences, buyers maintained a “wait-and-watch” approach. Industry participants noted that a sustained price recovery hinges on a turnaround in finished steel demand, which has yet to materialise. Consequently, trading volumes stayed thin, with transactions largely limited to immediate, need-based requirements.

Price highlights

• Finished steel: In Raipur, rebar prices remained stable, while wire rod prices increased by INR 300/t. Demand across these segments was heard to be moderate to slightly limited.
• Sponge iron: Prices in Raipur climbed by INR 350/t, bolstered by a notable improvement in booking volumes.

The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,900/t, reflecting a marginal correction from previous levels.

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 trades at INR 40,600-40,900/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 40,900/t, which was given a 50% weightage in the final price calculation.
• Other price indicators – bids/offers/indicatives (T2) – Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 41,066/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,983/t exw-Raipur, rounded off to INR 40,100/t exw.

Click here for detailed methodology