India: BigMints billet index declines INR 250/t on subdued demand

• Negative cues from neighbouring markets weigh on sentiment
  
  
• Finished steel and sponge iron prices ease further
  
  

BigMint's billet index declined by INR 250/t day-on-day to INR 40,500/t exw-Raipur on 23 February 2026, as weakening sentiment in neighbouring regions and thin enquiries exerted pressure on spot offers in the semi-finished steel segment.

Market participants reported that negative cues from adjacent markets continued to weigh on pricing. While limited billet bookings were concluded at lower levels, persistent weakness in finished steel demand prevented any meaningful rebound in activity. Procurement remained strictly need-based, with only a few spot transactions recorded during the session.

Sellers were compelled to trim offers further in an attempt to stimulate trade, though buying interest remained cautious amid subdued downstream consumption. A Raipur-based trader said, "Unless finished steel movement improves, billet demand will remain under pressure."

Finished steel prices soften

In Raipur, finished steel prices continued to ease. Rebar prices declined by INR 100/t, while wire rod offers dropped by INR 200/t d-o-d, reflecting weak end-user demand and limited enquiry levels.

Sponge iron drops marginally

Sponge iron prices in the Raipur cluster corrected by INR 100/t d-o-d, pressured by muted spot demand and competitive offers. The softer raw material trend offered limited relief to billet producers amid declining realisations.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 13,600/t, indicating continued margin tightness.

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 40,350-40,500/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 40,450/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 40,514/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,482/t exw-Raipur, rounded off to INR 40,500/t exw.

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