India: BigMint's billet index falls further on weak demand

• Sellers face pricing uncertainty amid supply constraints
  
  
• Weak finished demand, limited enquiries dampen sentiment
  
  

BigMint's billet index in Raipur declined further by INR 150/t d-o-d to INR 41,900/t ex-works on 28 April 2026, extending its downward trend as weak buying activity and limited enquiries continued to weigh on the semi-finished steel segment.

Market activity remained subdued despite constrained availability. With higher temperatures, billet producers have started reducing output, with this trend likely to sustain as long as heatwaves continue. Large-scale manufacturers also limited their offers due to slow demand and weak pricing, hoping to tighten demand-supply balance. However, despite tighter supply, sellers faced uncertainty over pricing. While producers attempted to hold offers, supported by limited competition from neighbouring markets, weak demand conditions restricted any recovery in prices.

The market closed with limited trades, softer pricing, and a cautious outlook, as participants closely tracked downstream demand. Sustained weakness in finished steel consumption remained the key pressure point, keeping sentiment fragile across the semi-finished segment.

Finished steel remains under pressure

In the Raipur market, finished steel prices continued to soften. Rebar prices declined by INR 100/t, while wire rod prices dropped by INR 300/t d-o-d, due to weak buying sentiment and lower enquiries from end-users.

Sponge iron corrects further

Sponge iron prices in the Raipur cluster fell by INR 150/t, as lower bids and weak bookings exerted additional pressure on spot prices despite reduced offers.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,150/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 41,900-42,000/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 41,955/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 41,887/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,921/t exw-Raipur, rounded off to INR 41,900/t exw.

Click here for detailed methodology