- Regional buying support lifts billet bookings
- Power shortage concerns strengthen seller offers
BigMint’s billet index rose by INR 450/t d-o-d to INR 42,700/t exw-Raipur on 8 September 2026, supported by improved demand for semi-finished steel and stronger buying interest from neighbouring markets, particularly Maharashtra and Gujarat. Trading activity also increased as markets resumed after holidays, while expectations of further price gains encouraged buyers to step up for bookings.
Market participation improved during the session, with enquiries increasing across nearby markets. Buyers moved to secure material amid expectations of higher prices, resulting in stronger bookings at prevailing levels. Positive demand cues from Maharashtra and Gujarat provided additional support to Raipur billet prices. However, buying remained selective, with participants continuing to assess price levels before committing to larger volumes.
Power shortage supports spot offers
Market participants indicated that an anticipated power shortage in the coming days could affect billet production and tighten availability of quality material in the spot market. The supply concern prompted sellers to raise spot offers during the session.
Finished steel prices rise
In the finished steel segment, rebar prices increased marginally by INR 100/t d-o-d, while wire rod prices rose by INR 500/t. Despite the price increases, overall market activity remained limited at lower price levels during the day.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased marginally by INR 50/t d-o-d, supported by buying interest for lower-priced offers. However, higher offers attracted limited buying interest, keeping overall transactions selective.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,050/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) – Five trades were recorded at INR 42,500-42,800/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 42,688/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Twenty one offers were reported in the trading window and considered as T2 inputs. The average price of these twenty one was INR 42,687/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,688/t exw-Raipur, rounded off to INR 42,700/t exw.
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