India: BigMint's billet index drops marginally on weak demand

• Rebar prices decline marginally d-o-d
  
  
• Sponge iron prices record uptick
  
  

BigMint's billet index in Raipur declined marginally by INR 50/t day-on-day to INR 42,100/t exw on 1 May 2026, as weak buying activity and range-bound market conditions continued to limit price movement.

Market activity remained slow during the session, primarily due to regional holidays in neighbouring markets, which led to reduced enquiries and lower participation in the semi-finished steel segment. Buyers, having secured sufficient volumes in recent sessions, stayed away from fresh procurement, especially at elevated price levels. Prolonged weakness in finished steel demand further kept participants cautious.

Finished steel shows mixed trend

In the Raipur market, finished steel prices displayed a mixed trend. Rebar prices declined slightly by INR 100/t d-o-d due to weak demand, while wire rod prices remained stable amid limited enquiries. Overall, trading activity remained slow, with demand restricted to immediate requirements.

Sponge iron firms up

Sponge iron prices in Raipur increased by INR 100/t, supported by modest buying interest and relatively firm sentiment in the DRI segment. The uptick in raw material prices provided some cost-side support to billet producers.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 16,300/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) - Two trades at INR 42,000-42,100/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 42,044/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 42,107/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 42,075/t exw-Raipur, rounded off to INR 42,100/t exw.

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