India: BigMint's billet index plunges INR 500/t d-o-d on weak sentiment, limited demand

• Lower offers trigger modest buying, but panic selling persists
  
  
• Finished steel prices drop sharply by INR 300-600/t in Raipur
  
  

BigMint's billet index fell sharply by INR 500/t d-o-d to INR 40,000/t exw-Raipur on 24 February 2026, as weak market sentiment and thin enquiries accelerated price corrections in the semi-finished steel segment.

Despite steep reductions in spot offers, buying interest remained moderate. Sellers were compelled to lower prices aggressively amid persistent lower bids and negative cues from the finished steel segment. The sharp correction triggered panic selling in some regions, further weighing on price realisations. A few deals were concluded at reduced levels, largely on a requirement basis, as participants remained cautious ahead of upcoming festive transport disruptions.

Market participants noted that continued weakness in finished steel consumption remains the primary driver behind the ongoing correction. A Raipur-based trader said, "Even after substantial price cuts, buying confidence is low, and volumes remain thin on lack of support from downstream segment."

Finished steel prices plunge

In Raipur, finished steel prices corrected significantly. Rebar prices dropped by INR 600/t, while wire rod offers declined by INR 300/t d-o-d, reflecting weak end-user demand and limited enquiry levels. Traders refrained from building inventory amid uncertain consumption trends.

Sponge iron prices decline

Sponge iron prices in the Raipur cluster fell by INR 400/t d-o-d, weighed down by muted demand and competitive offers from neighbouring markets. The correction in DRI prices offered limited relief, as billet realisations declined at a faster pace.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 13,500/t, indicating sustained margin tightness.

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) - Four trades at INR 39,900-40,100/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 40,017/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 40,031/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,024/t exw-Raipur, rounded off to INR 40,000/t exw.

Click here for detailed methodology