- Demand from nearby market supported offers
- Finished steel climb INR 700-800/t in Raipur
BigMint’s billet index in Raipur surged by INR 1,050/t day-on-day to INR 42,850/t ex-works on 1 April 2026, supported by improved demand and bookings from neighbouring regions amid rising raw material cost pressures.
Market sentiment remained volatile but inclined towards the positive side, as stronger billet offtake from regions such as Maharashtra and Gujarat lifted spot offers. Market participants reported that a sudden uptick in bookings, particularly after trading hours in the previous session, prompted sellers to sharply revise offers upward, resulting in a significant pan-India price increase in the semi-finished steel segment.
Participants highlighted that higher conversion costs and processing expenses in consuming regions made billet procurement from central India more viable compared with producing from raw materials, thereby supporting inter-regional trade flows.
Finished steel posts strong gains
In the Raipur market, finished steel prices recorded a notable increase. Rebar prices rose by INR 700/t day-on-day, while wire rod prices increased by INR 800/t, supported by improved buying interest and stronger sentiment across key markets.
Sponge iron strengthens sharply
Sponge iron prices in the Raipur cluster increased by INR 600/t d-o-d, supported by volatile market sentiment and rising input cost pressures. However, buying interest remained limited at elevated price levels, with most transactions confined to urgent requirements.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 15,450/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) – Five trades at INR 42,700-43,000/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 42,812/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 42,861/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,836/t exw-Raipur, rounded off to INR 42,850/t exw.
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