- Limited buying interest weighs on semis prices
- Finished steel extends decline in Raipur
BigMint’s billet index in Raipur declined further by INR 100/t day-on-day to INR 42,050/t exw on 24 April 2026, as continued weakness in demand kept pressure on semi-finished steel prices.
Market activity remained subdued throughout the session, with limited participation from buyers due to persistent softness in the finished steel segment. Weak downstream demand discouraged aggressive bookings, with most transactions restricted to immediate requirements. However, need-based procurement provided few support, preventing sharper price corrections. Participants reported cautious sentiment prevailing across the market, with buyers closely monitoring finished steel trends before committing to fresh bookings in billets.
Finished steel declines further
In the Raipur market, finished steel prices extended their downward trend. Rebar and wire rod prices both declined by INR 200/t day-on-day, amid weak end-user demand and limited enquiries.
Sponge iron market softens
Sponge iron prices in the Raipur cluster dropped by INR 200/t, weighed down by limited buying interest and reduced enquiries from billet producers.
The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 16,100/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 42,000-42,100/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 42,041/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,011/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 42,026/t exw-Raipur, rounded off to INR 42,050/t exw.
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