- Sellers try to keep offers firm but buyers show resistance
- Cautious finished steel buying pressures entire value chain
BigMint’s billet index declined marginally by INR 50/t d-o-d to INR 38,950/t exw-Raipur on 19 June 2026. Sellers attempted to hold prevailing price levels despite subdued market conditions; however, buyers largely refrained from procuring material at higher rates amid weak finished steel demand.
Market participants noted that buyers are awaiting improvement in downstream offtake before committing to fresh billet bookings. Meanwhile, weak cues from neighbouring markets and continued softness in finished steel prices kept pressure on the semi-finished steel segment, resulting in a cautious and bearish market sentiment.
Finished steel prices weaken further
In Raipur, finished steel prices remained largely stable; however, weak demand at the ground level kept buying activity subdued throughout the day. Market participants reported fewer enquiries and slow retail offtake, resulting in dull trading activity and cautious procurement by buyers.
Sponge iron prices soften
Sponge iron prices in Raipur declined by INR 50/t d-o-d amid limited buying activity and cautious sentiment in the market. Participants reported weak response from buyers across the region, which kept overall trading activity subdued.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/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 39,000-39,100/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 38,953/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 38,950/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,951/t exw-Raipur, rounded off to INR 38,950/t exw.
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