India: BigMint's billet index declines as buying interest weakens

• Lower bids weighs on spot offers
  
  
• Finished steel prices drop INR 400/t in Raipur
  
  

BigMint's billet index declined by INR 300/t day-on-day to INR 41,850/t exw-Raipur on 13 Mar 2026, as weakening buying interest and thin enquiries weighed on the semi-finished steel market.

Trading activity remained subdued throughout the session, with buyers largely refraining from fresh procurement amid persistent weakness in finished steel demand. The lack of downstream support pressured billet offers, prompting sellers to reduce spot prices in an attempt to stimulate trade. A few transactions were concluded toward the end of the day, though these were mainly need-based bookings at lower price levels, reflecting cautious participation.

Market participants indicated that weak finished steel consumption continues to exert downward pressure on billet prices. A Raipur-based trader said buyers are negotiating aggressively at lower bids, forcing producers to adjust offers in line with slower offtake.

Steel prices fall further

In Raipur, finished steel prices corrected further. Both rebar and wire rod prices declined by INR 400/t day-on-day, pressured by limited enquiries and subdued end-user demand. Market activity remained largely restricted to small transactions.

Sponge iron weakens

Sponge iron prices in the Raipur cluster declined by INR 200/t d-o-d, tracking muted buying interest and softer demand from billet producers. The DRI segment reflected cautious sentiment, with limited enquiries and restrained procurement.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 14,950/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) - Two trades at INR 41,800/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 41,800/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Twelve offers were reported in the trading window and considered as T2 inputs. The average price of these twelve was INR 41,887/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,843/t exw-Raipur, rounded off to INR 41,850/t exw.

Click here for detailed methodology