India: BigMints billet index declines further on weak demand, market uncertainty

• Volatile sentiment keeps semis under pressure
  
  
• Finished steel prices plunge INR 500/t in Raipur
  
  

BigMint's billet index in Raipur declined further by INR 200/t d-o-d to INR 41,900/t exw on 17 April 2026, as weak demand and continued market uncertainty weighed on trading.

Market activity remained subdued from the beginning of the session, with limited enquiries and cautious participation from buyers. Despite reduced spot offers, buying interest remained weak, largely due to sluggish finished steel demand over the past few days. Buyers continued to adopt a wait-and-watch approach, delaying fresh bookings until clearer demand signals emerge.

Weak cues from neighbouring markets added pressure on billet prices, keeping overall sentiment bearish. However, a slight uptick in activity was observed toward the end of the session, with a few bookings concluded at varied price levels amid intraday volatility.

Finished steel prices decline

In the Raipur market, finished steel prices recorded a significant correction. Both rebar and wire rod prices fell by INR 500/t d-o-d, amid weak demand and limited end-user enquiries throughout the day.

Sponge iron market softens

Sponge iron prices in Raipur declined by INR 200/t, as sellers reduced offers to attract buying interest. Despite the price correction, buying activity remained moderate, with buyers continuing to purchase only for immediate requirements.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded 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) - Four trades at INR 41,800-42,000/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 41,912/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Twenty offers were reported in the trading window and considered as T2 inputs. The average price of these twenty was INR 41,871/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,892/t exw-Raipur, rounded off to INR 41,900/t exw.

Click here for detailed methodology