- Buyers stay away, having secured adequate volumes in previous sessions
- Finished steel, sponge iron prices remain largely stable on weak demand
BigMint’s billet index increased by INR 200/t d-o-d to INR 42,150/t exw-Raipur on 3 September 2026. Trade activity remained subdued, though market sentiment was volatile due to the approaching festive holiday period. Buyers largely stayed on the sidelines after securing sufficient material at favourable prices in previous sessions.
Procurement remained need-based only, with participants awaiting clearer direction from the finished steel segment before making fresh purchases. Limited downstream support and lower bids kept spot bookings subdued, with negotiations favouring buyers.
Participants also cited weak finished steel demand and cautious sentiment across neighbouring markets amid the festive period as key factors limiting billet consumption. Sellers adjusted offers to encourage buying, but limited procurement interest prevented a meaningful improvement in trading activity.
Finished steel remains weak
In Raipur, rebar prices remained unchanged, while wire rod prices declined by INR 100/t d-o-d. Weak end-user demand and limited enquiries continued to weigh on the long steel segment.
Sponge iron remains stable
Sponge iron prices in Raipur remained stable as muted buying interest and competitive offers from neighbouring regions kept pressure on spot negotiations.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,100/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) – Four trades were recorded at INR 42,000-42,200/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 42,141/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 42,183/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,162/t exw-Raipur, rounded off to INR 42,150/t exw.
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