- Soft demand weighs on spot prices
- Finished steel values edge down in Raipur
BigMint’s billet index declined by INR 200/tonne (t) day-on-day (d-o-d) to INR 39,900/t exw-Raipur on 7 January 2026, as market activity remained subdued on weakening demand and weak trade momentum in the semi-finished steel segment.
Despite reduced spot offers, buying interest failed to revive meaningfully. Muted demand in the finished steel segment over the past couple of days prompted buyers to maintain a cautious stance, awaiting clear signs of improvement in offtake before committing to fresh billet bookings. Weak cues from neighbouring markets, coupled with continued pressure from finished steel prices, further weighed on sentiment and extended the downward momentum.
Trading activity weakened further through the session, with most transactions concluded at lower negotiated levels. The persistent correction in finished steel prices continued to exert a spillover effect on the semi-finished steel market, compelling billet producers to adopt conservative pricing strategies.
Price highlights:
- Finished steel: In Raipur, rebar prices decreased by INR 300/t, while wire rod prices fell slightly by INR 100/t, as demand from end-users remained tepid.
- Sponge iron: Prices in Raipur dropped by INR 400/t, with slow buying reflecting the prevailing cautious sentiment across the region.
The PDRI-to-billet spread for standalone induction furnaces in Raipur was assessed at INR 15,900/t, reflecting slight improvement in producer margins.
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 39,800-40,000/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,923/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 39,911/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 39,917/t exw-Raipur, rounded off to INR 39,900/t exw.
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