India: BigMint's billet index continues downtrend on limited buying interest

• Weak demand for semis pressures spot prices
  
  
• Finished steel prices drop INR 300-400/t in Raipur
  
  

BigMint's billet index extended its downward trend, declining by INR 450/t d-o-d to INR 38,750/t exw-Raipur, on 1 June 2026, as weak market sentiment and subdued demand across regions weighed on spot prices.

The billet market remained under pressure throughout the session, with limited buying activity and persistent bearish sentiment leading to a sharp correction in offers. Weak demand in both semi-finished and finished steel segments continued to restrict trade volumes, prompting sellers to lower prices in an effort to attract buyers.

Despite the correction, procurement activity remained limited as buyers stayed on the sidelines, placing bids at lower levels in anticipation of further price declines. A few transactions were concluded towards the end of the trading session at lower offers, although overall market participation remained cautious amid ongoing corrections.

Finished steel prices weaken further

In Raipur, finished long steel prices declined sharply as weak enquiries continued to weigh on market activity. Rebar prices fell by INR 300/t d-o-d, while wire rod prices declined by INR 400/t, amid weak demand from end-users and cautious buying by traders.

Market participants noted that the continued softness in finished steel demand remains a key factor influencing billet procurement decisions.

Sponge iron prices plunge

Sponge iron prices in the Raipur cluster dropped by INR 400/t on 1 June. While some improvement in booking activity was observed due to lower offers from suppliers, overall demand remained weak and insufficient to support price stability.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,100/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) - Four 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 38,720/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 38,758/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,739/t exw-Raipur, rounded off to INR 38,750/t exw.

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