India: BigMint’s billet index rises INR 100/t d-o-d amid mixed steel market trends

• Billet prices gain support from stable rebar prices, slight uptick in wire rods
• Sponge iron prices increase by INR 200/t, lifting cost support

BigMint’s billet index rose by INR 100/tonne (t) d-o-d to INR 44,400/t exw-Raipur on 21 October 2026. However, price movements across finished steel products remained mixed, with rebar prices unchanged, while wire rod and sponge iron prices increased. The divergent trends indicate that the latest billet price rise has not been matched by uniform gains across the regional steel market.

Finished steel market shows mixed trends

In Raipur, rebar prices remained stable d-o-d, while wire rod prices increased by INR 100/t to INR 48,700/t. The contrasting movement suggests that buying interest and price support varied across finished steel segments. With rebar prices unchanged, the market did not see a broad-based increase across long steel products.

Sponge iron prices increase

Sponge iron prices in Raipur rose by INR 200/t d-o-d to INR 28,000/t. The increase added to the upward movement in billet prices, although the available market inputs do not establish whether the change was driven by stronger procurement, supply availability or higher production costs.

Conversion spread

The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster narrowed to INR 16,400/t from INR 16,500/t previously.

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) – Single trades were recorded at INR 44,400/t during the 10:30 am to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs.

Other price indicators – bids/offers/indicatives (T2) – Eight offers were reported in the trading window and considered as T2 inputs. he average price of these Eight was INR 44,412/t and given a 50% weightage in the final price calculation.