- Firm finished steel prices lend upward momentum
- Sponge iron prices rise slightly, offering cost support
BigMint’s billet index in Raipur inched up by INR 50/t d-o-d to INR 41,550/t ex-works on 20 March 2026, marking a marginal recovery after recent corrections. Despite the uptick, overall market sentiment remained subdued due to weak enquiries and cautious procurement amid persistent volatility.
Spot offers witnessed minor upward revisions during the session, though buying activity stayed restrained as participants resisted higher price levels. The market remained largely range-bound, with limited transactions concluded mainly for immediate requirements. A modest improvement in the finished steel segment helped prevent further downside in billet prices, but failed to generate strong upward momentum.
Market participants noted that buyers continued to adopt a wait-and-watch approach, seeking clearer price direction before committing to larger volumes.
Finished steel sees mild uptick
In the Raipur market, finished steel prices recorded mixed movements with a slightly positive bias. Rebar prices increased by INR 200/t d-o-d, while wire rod prices remained firm, supported by moderate regional bookings. However, overall trading activity remained thin.
Sponge iron prices rise slightly
Sponge iron prices in the Raipur cluster rose by INR 200/t, as sellers revised offers upward amid volatile market conditions. Nevertheless, buyer response remained subdued, with procurement largely restricted to need-based volumes.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,250/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 at INR 41,400-41,800/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 41,530/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 41,593/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,561/t exw-Raipur, rounded off to INR 41,550/t exw.
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