India: BigMint's billet index declines on weak demand, subdued market sentiment

• Buyers stay on sidelines, wait for price clarity
  
  
• Wire rod prices down INR 300/t d-o-d
  
  

BigMint's billet index in Raipur declined by INR 300/t d-o-d to INR 42,150/t exw on 4 May 2026, as weak demand and subdued market sentiment continued to weigh on spot offers.

Market activity remained sluggish throughout the session, with muted buying interest and limited enquiries across the semi-finished steel segment. Participants reported weaker sentiment in finished steel markets, with slower offtake discouraging fresh procurement. Buyers largely stayed on the sidelines, awaiting clearer signals on price sustainability before committing to new bookings.

Sellers, meanwhile, reduced spot offers to align with prevailing demand conditions. However, the price cuts failed to stimulate buying interest, as expectations of further corrections kept market participation limited and transactions largely need-based.

Finished steel softens

In Raipur, finished steel prices witnessed mild correction. Rebar price remained stable but wire rod prices declined by INR 300/t d-o-d, reflecting weak end-user demand and limited enquiry levels. Market participants noted that subdued downstream demand continues to weigh on overall steel trade activity.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 16,100/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) - No trades were recorded during the 10:30 am to 5:30 pm BigMint trading window .
  
  
• 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 42,045/t and given a 100% weightage in the final price calculation.
  
  

The final price of billets was INR 42,045/t exw-Raipur, rounded off to INR 42,000/t exw.

Click here for detailed methodology