India: BigMint's billet index extends decline on limited buying interest

• Buyers continue to place lower bids
  
  
• Finished steel prices decline further in Raipur
  
  

BigMint's daily billet index declined further by INR 400/t d-o-d to INR 39,850/t exw-Raipur on 13 May 2026, as weak buying sentiment and slower market activity continued to weigh on the semi-finished steel segment despite lower spot offers.

Trading activity remained weak throughout the day, with billet offers remaining under pressure amid persistent weakness in both semi-finished and finished steel segments. Most bookings were concluded only for immediate requirements, mostly from neighbouring markets, while broader participation remained limited. Buyers continued to place lower bids amid weak downstream demand, forcing sellers to reduce offers to secure deals.

Market participants indicated that intraday sentiment remained bearish, with buyers refraining from bookings in anticipation of further corrections. Limited enquiries from finished steel players continued to restrict any meaningful recovery in billet prices.

Finished steel weakens further

In the Raipur market, finished steel prices continued to soften. Rebar prices declined by INR 300/t, while wire rod prices dropped by INR 400/t d-o-d, amid weak buying sentiment and subdued enquiries from end-users.

Sponge iron softens

Sponge iron prices in the Raipur cluster fell by INR 200/t, as lower bids and weak bookings exerted additional pressure on spot prices despite reduced offers from suppliers.

The conversion spread from 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) - Two trade at INR 39,800/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 39,800/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Eighteen offers were reported in the trading window and considered as T2 inputs. The average price of these eighteen was INR 39,940/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,870/t exw-Raipur, rounded off to INR 39,850/t exw.

Click here for detailed methodology