India: BigMint's billet index plummet INR 600/t d-o-d amid weak demand - 5 Jan

• Weak buying enquiries weighs on spot offers
  
  
• Finished steel fell by INR 400-800/t in Raipur
  
  

BigMint's billet index fell sharply by INR 600/tonne (t) day-on-day (d-o-d) to INR 40,400/t exw-Raipur on 5 January 2026, as overall market activity remained subdued. Buyers continued to adopt a cautious stance, amid persistent volatility and weakening demand in the finished steel segment.

Market participants reported a clear lack of momentum, prompting mills to reduce spot offers in an effort to stimulate demand. However, despite the price correction, buying interest failed to revive meaningfully. Trading activity weakened further through the day, with most transactions concluded only at lower negotiated levels.

The sharp correction in finished steel prices exerted a spillover effect on the semi-finished steel market, further dampening sentiment. Enquiry volumes remained limited, and buyers largely refrained from fresh bookings unless sellers were willing to offer discounts below prevailing market levels.

Market Highlights

• Finished steel: In Raipur, rebar prices dropped by INR 400/t d-o-d, while wire rod prices plunges by INR 800/t, following subdued downstream demand and reduced buying interest.
  
  
• Sponge iron: Prices in Raipur also eased by INR 400/t, with limited deals were reported at varied offer levels.
  
  

The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 15,900/t, indicating stable margins despite the weakness in billet prices.

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 40,300-40,500/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 40,383/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Nine offers were reported in the trading window and considered as T2 inputs. The average price of these nine was INR 40,385/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 40,384/t exw-Raipur, rounded off to INR 40,400/t exw.

Click here for detailed methodology