India: BigMint's billet index declines on weak buying interest

• Limited enquiries weigh on market sentiment
  
  
• Sponge iron and finished steel prices soften
  
  

BigMint's billet index in Raipur edged lower by INR 100/t day-on-day to INR 38,800/t exw on 04 June 2026, as weak buying interest and cautious market sentiment continued to weigh on the semi-finished steel segment.

Market sentiment remained weak due to subdued downstream demand and limited enquiries from buyers. Despite minor price adjustments by sellers, procurement activity remained restrained, with participants adopting a wait-and-watch approach amid uncertainty over the pace of finished steel demand recovery.

Trading activity was limited throughout the session, as buyers preferred to monitor finished steel price trends before committing to fresh billet purchases. Sellers marginally reduced offers to stimulate demand; however, the buying response remained weak, resulting in subdued spot market activity.

Finished steel prices weaken

In Raipur, finished steel prices moved lower amid slow buying interest. Rebar prices declined by INR 100/t d-o-d, while wire rod prices fell by INR 300/t as enquiries remained weak despite softer offers.

Market participants noted that continued pressure in the finished steel segment is restricting billet demand and limiting inventory replenishment by traders and rerollers.

Sponge iron prices decline

Sponge iron prices in the Raipur cluster declined by INR 200/t amid muted buying interest and prevailing bearish sentiments. Participants reported limited enquiry during the day amid weak confidence in near-term demand.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 14,350/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) - One trade at INR 38,800/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 38,800/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 38,810/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,805/t exw-Raipur, rounded off to INR 38,800/t exw.

Click here for detailed methodology