India: BigMint's billet index declines marginally on limited buying activity

• Semis bookings slow after previous day's procurement
  
  
• Finished steel remains stable; sponge iron eases slightly
  
  

BigMint's billet index edged lower by INR 100/t d-o-d, settling at INR 38,700/t exw-Raipur on 25 June 2026, as buying activity remained subdued following sufficient bookings concluded in the previous trading session.

Market activity stayed limited throughout the day, with buyers largely remaining on the sidelines after securing material earlier at relatively favourable price levels. Weak enquiry levels and softer sentiment from neighbouring regional markets further weighed on spot activity, resulting in a marginal correction in billet prices.

Participants indicated that most mills and traders held adequate inventories, reducing the need for fresh procurement. As a result, transactions remained sparse, with buying largely restricted to immediate requirements. The absence of strong support from finished steel demand also capped any recovery in market sentiment.

Finished steel remains stable

In Raipur, both rebar and wire rod prices remained unchanged d-o-d, softening trend led limited trading activity. Market participants reported lower enquiries, with buyers continuing to adopt a cautious approach.

Sponge iron eases slightly

Sponge iron prices in the Raipur cluster declined marginally by INR 50/t d-o-d, as limited demand and lower bids exerted mild pressure on offers. However, sellers largely maintained a firm offers, supported by stable raw material costs.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,650/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) - Five trades at INR 38,700-38,900/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 38,713/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 38,722/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,717/t exw-Raipur, rounded off to INR 38,700/t exw.

Click here for detailed methodology