India: BigMint's billet index up INR 950/t d-o-d; over 5,000 t volume recorded

• Billet prices rise on improved sentiment
  
  
• Finished steel, sponge iron prices edge up
  
  

BigMint's billet index increased on 5 March 2026, rising by INR 950/t day-on-day to INR 42,200/t exw-Raipur, supported by improved sentiment in the semi-finished steel segment and positive cues from north India. These factors collectively encouraged sellers to raise spot offers during today's trading session.

Market activity remained volatile throughout the day, as mixed but positive signals from neighbouring regions influenced price movements post Holi festival as buyers becoming active. Improved bookings in the semi-finished steel segment at varied price levels provided support to billet prices. The uptrend was further backed by a positive shift in sponge iron demand across regions, which helped lift prices modestly. Additionally, demand from the finished steel segment also supported semi-finished steel prices.

Finished steel prices trend up

In the Raipur market, finished steel prices closed on a positive note. Rebar prices increased by INR 700/t d-o-d, while wire rod prices rose by INR 1,100/t d-o-d, supported by active buying interest following the Holi holidays and reflecting steady demand. However, overall enquiries remained moderate, keeping the upside capped.

Sponge iron prices edge up

Sponge iron prices in Raipur inched up by INR 250/t d-o-d, tracking an improvement in buying interest. Sellers maintained firm offer levels, supported by good bookings concluded throughout the trading sessions.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,550/t, indicating continued margin recovery from previous session.

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) - Seven trades at INR 42,200-42,500/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 42,256/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 42,094/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,160/t exw-Raipur, rounded off to INR 42,200/t exw.

Click here for detailed methodology