- Durga Puja may slow overall trading activity
- Finished steel, sponge iron prices soften
BigMint’s billet index declined by a further INR 300/t d-o-d, settling at INR 43,800/t exw-Raipur on 16 October 2026, as weak downstream demand and tepid enquiries continued to weigh on market sentiment. Amid uncertainty over a near-term demand recovery, most buyers maintained a wait-and-watch approach despite lower offers in the spot market.
Trading activity remained limited, with market participants refraining from fresh bookings and closely monitoring finished steel price trends before making further procurement commitments. Sellers marginally reduced offers to stimulate buying interest; however, the response from buyers remained weak, reflecting persistent concerns over downstream offtake.
Market participants also indicated that buying enquiries are likely to remain subdued in the coming days due to the upcoming Durga Puja festival, which is expected to slow trading activity across eastern India and further weigh on overall market participation.
Finished steel: In Raipur, rebar prices declined by INR 100/t d-o-d, while wire rod prices fell by INR 400/t. Weak end-user offtake continued to restrict trading activity across the finished steel segment.
Sponge iron: Prices in Raipur corrected by INR 200/t amid very limited bookings despite lower offers across the region. Weak buying interest kept trading activity subdued and restricted price movements.
The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/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 were recorded at INR 43,800/t 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 43,800/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 43,800/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 43,800/t exw-Raipur.
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