India: BigMint's billet index weakens marginally on modest buying

• Lower spot offers support selective bookings
  
  
• Finished steel prices remain stable in Raipur
  
  

BigMint's billet index declined marginally by INR 100/t d-o-d to INR 38,700/t exw-Raipur on 15 June 2026, as limited to moderate buying activity in the semi-finished steel segment due to lower spot offers.

Market participants reported that recent price corrections encouraged some improvement in billet enquiries and bookings. However, overall demand remained subdued, prompting sellers to adopt a balanced supply approach to avoid excess inventory amid rising operational costs and weak downstream consumption.

The market remained cautious as participants assessed multiple factors influencing steel demand and raw material costs. Buyers largely restricted procurement to immediate requirements, while sellers remained reluctant to offer aggressive discounts despite weak market conditions.

Market comments remains mixed

• Market participants identified finished steel demand recovery as the key factor required to support stronger billet procurement. Slow order inflows and cautious purchasing patterns have continued to restrict market momentum.
  
  
• Higher freight costs and logistical challenges linked to fuel scarcity have also affected buying interest from neighbouring markets, with several buyers maintaining lower bids to offset increased transportation expenses.
  
  
• Participants further noted that easing geopolitical tensions in the Middle East could exert downward pressure on raw material prices in the coming weeks. At the same time, concerns over the approaching monsoon season have heightened caution among sellers, as seasonal demand slowdown could weigh on semi-finished steel consumption.
  
  

Finished steel prices hold firm

In Raipur, finished steel prices remained stable despite limited buying activity. Rebar and wire rod prices were unchanged from the previous session, as mills maintained offers amid balanced market conditions and restrained procurement.

Sponge iron prices soften

Sponge iron prices in the Raipur cluster declined by INR 100/t amid limited buying activity and lower offers from suppliers. While some bookings were reported at reduced levels, overall demand remained limited.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,700/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) - Five trades at INR 38,700-38,800/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 38,716/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,730/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,723/t exw-Raipur, rounded off to INR 38,700/t exw.

Click here for detailed methodology