India: BigMint's billet index drops marginally on subdued demand

• Weak buying sentiment weighs on semis
  
  
• Finished steel prices show mild uptick
  
  

BigMint's billet index in Raipur edged lower by INR 100/t day-on-day to INR 42,100/t exw on 16 April 2026, as limited buying interest and cautious market sentiment continued to weigh on the semi-finished steel segment.

Market sentiment remained soft, driven by weak downstream demand and tepid enquiries. Despite minor price adjustments in select trades, buyers largely maintained a wait-and-watch approach amid uncertainty over near-term demand recovery.

Trading activity stayed limited, with participants refraining from bulk bookings and preferring to track finished steel price trends before committing to fresh procurement. Sellers marginally reduced offers to stimulate demand; however, buying response remained restricted and mostly concluded at negotiated levels.

Finished steel shows slight uptick

In the Raipur market, finished steel prices recorded a modest increase. Rebar prices inched up by INR 100/t d-o-d, while wire rod prices rose by INR 200/t, supported by moderate bookings in the previous session. However, demand at current levels remained need-based.

Sponge iron softens

Sponge iron prices in the Raipur cluster declined by INR 100/t, reflecting muted buying interest and prevailing bearish sentiment. Lower raw material demand from billet producers continued to exert pressure on prices.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 16,000/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 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 42,078/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 42,150/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,114/t exw-Raipur, rounded off to INR 42,100/t exw.

Click here for detailed methodology