- Previous bookings lead to cautious buying today
- Finished steel prices rise on limited enquiries
BigMint’s billet index rose marginally by INR 50/t d-o-d to INR 45,250/t exw-Raipur on 29 September 2026, as buyers remained cautious after securing sufficient material in the previous session. Market participants adopted a wait-and-watch approach amid weak sentiment and limited fresh enquiries.
Market activity remained subdued across key regions, with lower buyer participation and fewer enquiries. Weak downstream demand weighed on market momentum, while cautious buying kept spot activity limited despite the marginal increase in billet prices.
Finished steel prices increase
Rebar prices in Raipur increased by INR 400/t d-o-d, while wire rod prices rose by INR 500/t. However, buyer enquiries remained limited at elevated offer levels.
Sponge iron prices edge higher
Sponge iron prices in Raipur increased marginally by INR 50/t d-o-d, while buying interest remained weak at prevailing price levels.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 15,950/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) – Three trades were recorded at INR 45,100-46,000/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 45,162/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 45,300/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 45,231/t exw-Raipur, rounded off to INR 45,250/t exw.
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