India: BigMint's billet index continues uptrend despite cautious market sentiment

• Earlier bookings and positive market cues support prices
  
  
• Finished steel and sponge iron prices strengthen further
  
  

BigMint's billet index extended its upward trend, increasing by INR 300/t d-o-d to INR 39,350/t exw-Raipur on 26 May 2026, supported by improved trade activity and firm market sentiment across northern India.

Market activity remained relatively limited during the day, as most buyers had already secured sufficient bookings at comparatively lower levels in previous sessions. Participants adopted a wait-and-watch approach, assessing the sustainability of the recent recovery before entering fresh deals in semis.

Market participants highlighted that recent improvement in billet prices was primarily driven by stronger finished steel movement and better sentiment in key markets. However, fresh enquiries slowed during the session as buyers remained cautious over downstream demand visibility and near-term price direction.

Finished steel prices witness uptick

In Raipur, finished long steel prices strengthened further. Rebar and wire rod prices increased by INR 400/t d-o-d, supported by improved market sentiment and higher offers from mills.

Despite the price increase, trading activity remained selective, with buyers closely monitoring whether the recent improvement in finished steel demand can sustain over the coming sessions.

Sponge iron prices strengthen

Sponge iron prices in the Raipur cluster increased by INR 200/t on 26 May amid higher seller offers and limited spot availability. Market participants noted that most buyers had already secured material during the earlier recovery phase, which restricted fresh enquiries during the session.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,350/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) - One trade at INR 39,300/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 39,300/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 39,378/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 39,339/t exw-Raipur, rounded off to INR 39,350/t exw.

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