- Limited demand and competitive offers weigh on prices
- Finished steel and sponge iron prices weaken in Raipur
BigMint’s billet index declined by INR 100/t d-o-d to INR 38,850/t exw-Raipur on 1 July 2026, as weak buying interest and limited market participation continued to pressure the semi-finished steel market. Lower enquiries, competitive offers from neighbouring markets, and weak downstream demand resulted in further correction in billet prices.
Trading activity remained limited throughout the session, with buyers maintaining lower bid levels and restricting purchases to immediate requirements. Competitive material from nearby markets offered at lower prices weighed on local sentiment, prompting billet producers in Raipur to adjust spot prices to remain competitive. Weak demand from the finished steel segment further curtailed billet procurement, keeping overall market activity muted.
Finished steel prices decline
The finished steel market also weakened during the session. In Raipur, rebar prices declined by INR 100/t d-o-d, while wire rod prices fell by INR 200/t, reflecting subdued offtake and limited demand from end-users. The correction in finished steel prices reduced procurement interest among rerollers, adding further pressure on the billet market.
Sponge iron extends decline
Sponge iron prices in the Raipur cluster fell by INR 150/t d-o-d amid muted buying interest and widening gaps between offers and bids. Buyers largely stayed on the sidelines, anticipating further corrections in producer offers as competitively priced material from neighbouring regions continued to influence market sentiment.
The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/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 38,800-38,900/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 38,840/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 38,896/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,868/t exw-Raipur, rounded off to INR 38,850/t exw.
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