- Weak buying caps upside, buyers resist higher prices
- Finished steel prices post modest recovery in Raipur
BigMint’s billet index inched up by INR 50/t day-on-day to INR 39,950/t exw-Raipur on 26 February 2026, marking a marginal recovery after recent corrections. However, market sentiment remained subdued, with weak enquiries and cautious buying ahead of upcoming holidays.
Spot offers saw minor upward adjustments during the session, though buying activity was restrained as participants resisted higher price levels. A modest pickup in the finished steel segment helped prevent further downtrend in billets, keeping the market range-bound.
A Raipur-based trader said, “Finished steel bookings improved slightly today, but billet demand is still need-based as buyers are shying away from elevated offers.”
Finished steel prices see mild uptick
In Raipur, finished steel prices recorded modest gains. Rebar prices increased by INR 100/t, while wire rod prices rose by INR 400/t d-o-d, supported by improved bookings and short-term restocking.
Sponge iron stable
Sponge iron prices in Raipur remained unchanged d-o-d, as most bookings had already been concluded in the previous session at relatively favourable levels. Stable DRI prices provided support to billet spreads amid limited fresh procurement.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 13,850/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) – Four trades at INR 39,800-40,000/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 39,900/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 40,040/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,970/t exw-Raipur, rounded off to INR 39,950/t exw.
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