India: BigMint's billet index declines further despite improved bookings in Raipur

• Lower offers drive modest improvement in bookings
  
  
• Finished steel prices extend decline INR 200-300/t
  
  

BigMint's billet index in Raipur declined further by INR 350/t day-on-day to INR 42,200/t exw on 15 April 2026, as sellers reduced spot offers to stimulate demand and improve booking activity.

Market sentiment remained volatile throughout the trading session. Buyers actively sought lower offers, placing bids cautiously, while sellers responded by trimming prices to align with demand. This led to a modest improvement in bookings during the latter half of the day, particularly after weaker activity in the morning session.

A slight recovery in finished steel offtake toward the close of the session also lent limited support to billet prices, although overall sentiment remained cautious.

Finished steel prices extend decline

In the Raipur market, finished steel prices continued to weaken. Rebar prices declined by INR 300/t day-on-day, while wire rod prices dropped by INR 200/t. Despite some improvement in buying activity later in the day, overall demand remained insufficient to support price stability.

Raw material market softens

Sponge iron prices in the Raipur cluster eased by INR 250/t, slight volatility supported buying activity today with bookings improved in the later half today.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 16,000/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) - Six trades at INR 42,100-42,300/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 42,210/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 42,235/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,222/t exw-Raipur, rounded off to INR 42,200/t exw.

Click here for detailed methodology