- Sellers raise offers following previous session’s demand recovery
- Buyers remain cautious amid uncertainty over finished steel demand
BigMint’s billet index increased by INR 200/t d-o-d to INR 38,900/t exw-Raipur on 13 August 2026, supported primarily by higher offers from sellers following the improvement in demand during the previous trading session. However, the price increase was not accompanied by a broad-based improvement in buying activity, as most buyers had already secured sufficient material in recent sessions.
Market sentiment remained positive, with producers maintaining elevated spot offers amid expectations that the recent recovery in demand could support higher price levels. Buyers, however, remained cautious after recent price increases, with uncertainty over finished steel demand and slower downstream offtake limiting fresh procurement.
The market therefore remained characterised by a widening gap between seller expectations and buyer bids. While producers attempted to capitalise on improved sentiment, consumers largely adopted a wait-and-watch approach to assess whether the recent price recovery could be sustained before making additional purchases.
Finished steel prices rise further
In the Raipur market, rebar prices increased by INR 400/t d-o-d, while wire rod prices rose by INR 100/t. Despite the price gains, enquiries remained limited at elevated offer levels, indicating that the improvement in finished steel prices has yet to translate into stronger end-user procurement.
Sponge iron gains on modest buying
Sponge iron prices in the Raipur cluster increased by INR 250/t d-o-d, supported by modest buying activity and higher producer offers. However, buyers remained cautious and continued to monitor whether the recent price rally can be sustained before committing to additional volumes.
The conversion spread between sponge iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,950/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) – Three trades at INR 38,700-38,900/t was 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 38,770/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 39,003/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 38,889/t exw-Raipur, rounded off to INR 38,900/t exw.
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