- Cautious participation seen amid divergent market sentiment
- Finished steel prices edge up in Raipur, DRI softens
BigMint’s billet index increased marginally by INR 50/t d-o-d to INR 44,450/t exw-Raipur on 16 September 2026, as market sentiment remained weak amid sufficient bookings secured during the previous session. Buyers adopted a wait-and-watch approach, seeking greater clarity on price direction before making fresh purchases.
The market remained range-bound during the session, with subdued buying interest and cautious sentiment across key regions. Lower buyer participation and fewer enquiries limited trading activity, while weak downstream demand continued to weigh on market momentum. With buyers already holding sufficient order coverage from earlier sessions, fresh procurement remained limited. This kept spot prices under pressure despite the marginal increase in the billet index.
Finished steel prices rise
In Raipur, rebar prices increased by INR 600/t d-o-d, while wire rod prices rose by INR 200/t. However, buyers showed limited interest at elevated offer levels, restricting overall trading activity. The rise in finished steel prices provided some support to billet offers, although weak enquiries indicated that downstream demand had yet to strengthen significantly.
Sponge iron prices soften
Sponge iron prices in Raipur declined marginally by INR 50/t d-o-d as buying interest remained weak at prevailing price levels anticipating further price reduction.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/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) – Two trades were recorded at INR 44,300-44,400/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 44,344/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 44,542/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 44,443/t exw-Raipur, rounded off to INR 44,450/t exw.
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