- Sellers raise offers following improved bookings earlier
- Finished steel and sponge iron prices move higher
BigMint’s billet index increased by INR 150/t d-o-d to INR 37,600/t exw-Raipur on 14 July 2026, as producers revised spot offers upward following improved buying activity in the previous trading session. Despite the increase, fresh procurement remained limited, with most buyers adopting a wait-and-watch approach after securing sufficient material at lower price levels earlier in the week.
Trading activity remained subdued throughout the session. Encouraged by stronger bookings recorded yesterday, billet producers raised spot offers in anticipation of improving demand across the semi-finished steel segment. However, buyers were reluctant to accept the higher prices immediately and instead monitored the market to assess whether the upward revision would be sustained before committing to additional purchases.
The cautious buying behaviour reflected continued uncertainty in downstream demand, with market participants preferring to replenish inventories only after gaining greater clarity on the direction of billet prices.
Finished steel prices recover
The finished steel market in Raipur recorded a positive movement during the session. Rebar prices increased by INR 300/t d-o-d, while wire rod prices rose by INR 400/t, supported by improved buying activity witnessed in the previous trading session. The recovery in finished steel prices provided some support to billet sentiment, although demand remained measured.
Sponge iron rebounds on higher raw material costs
Sponge iron prices in the Raipur cluster increased by INR 350/t d-o-d as producers revised offers upward following limited restocking by billet manufacturers. The price increase was also supported by tighter availability of raw materials and higher offers from pellet suppliers, which increased production costs for sponge iron manufacturers.
Although the higher sponge iron prices led buying activity remained selective, with consumers continuing to procure primarily against immediate production requirements.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/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 at INR 37,500-37,600/t were recorded 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 37,565/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 37,642/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 37,604/t exw-Raipur, rounded off to INR 37,600/t exw.
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