- Sellers attempt to lift offers amid positive sentiment
- Market upside capped by weak downstream demand
BigMint’s billet index increased by INR 200/t d-o-d to INR 43,150/t exw-Raipur on 6 April 2026. The uptick comes despite relatively subdued spot market participation following recent gains.
While sellers attempted to push offers higher to capitalise on the prevailing positive sentiment, overall participation remained limited, as most buyers had already secured sufficient volumes in earlier sessions at comparatively favourable prices. As a result, fresh procurement remained selective.
Market participants indicated that concerns over the sustainability of current prices continued to influence buying decisions, particularly amid weak downstream demand in the finished steel segment.
Finished steel posts gains
In the Raipur market, finished steel prices moved higher. Rebar prices increased by INR 600/t, though bookings remained limited as buyers resisted elevated offers. Wire rod prices rose by INR 400/t d-o-d, supported by selective demand. Despite the price rise, overall dispatch volumes remained moderate.
Sponge iron edges higher
Sponge iron prices in the Raipur cluster increased by INR 200/t, supported by earlier bookings concluded at lower levels. Fresh buying interest remained limited, with participants closely monitoring billet price stability before committing to additional volumes.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,700/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 43,100-43,300/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 43,179/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 43,150/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,164/t exw-Raipur, rounded off to INR 43,150/t exw.
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