- Weak buying persists despite price correction
- Finished steel prices fall by INR 100/t in Raipur
BigMint’s billet index declined by INR 150/t day-on-day to INR 41,550/t exw-Raipur on 12 February 2026, as subdued demand and cautious buyer sentiment continued to weigh on the semi-finished steel market.
Trading activity remained slow throughout the session, with buyers anticipating further price adjustments amid sluggish downstream orders. Most market participants refrained from aggressive procurement, limiting purchases to immediate requirements. Weak enquiry levels across domestic and neighbouring markets reinforced the soft tone in billets.
On the supply side, producers reduced offer levels in response to limited bookings. However, sellers indicated that further downside may be capped, citing rising raw material costs, particularly sponge iron, and expectations of a near-term price stabilisation. Despite these factors, the broader market closed on a cautious note, with sentiment remaining fragile.
Finished steel dips marginally
In Raipur, finished steel prices eased slightly, with rebar and wire rod declining by INR 100/t d-o-d. Enquiries remained weak, and buying interest continued to be largely need-based, reflecting restrained construction and infrastructure demand.
Sponge iron prices soften
Sponge iron prices corrected by INR 200/t d-o-d, pressured by lower bids and limited buying interest. The correction aligned with weak billet demand, adding to overall downward pressure in the semi-finished segment.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,050/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) – One trade at INR 41,600/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 41,600/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Nineteen offers were reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 41,540/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,570/t exw-Raipur, rounded off to INR 41,550/t exw.
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