India: BigMint's billet index extends decline on subdued buying, weak finished steel demand

• Finished steel prices weaken, weigh on billet market sentiment
  
  
• Sponge iron slips marginally as buyers continue to defer purchases
  
  

BigMint's billet index declined further by INR 200/t d-o-d to INR 38,650/t exw-Raipur on 2 July 2026, as weak buying interest and aggressive bidding continued to pressure the semi-finished steel market. Limited participation from buyers, coupled with sustained competitive offers from neighbouring markets, kept spot prices under pressure throughout the trading session, resulting in only a handful of billet bookings.

Market activity remained subdued as negative price cues from the neighbouring markets encouraged buyers to maintain lower bid levels. Competitive offers from producers in nearby regions further widened the gap between buyers' bids and sellers' expectations, restricting deal closures. Weak demand in the finished steel segment also weighed on billet procurement, prompting producers to soften spot offers to stimulate buying.

Finished steel prices soften

Downstream steel prices remained under pressure in the Raipur market. Rebar prices declined by INR 200/t d-o-d, while wire rod prices fell by INR 100/t amid subdued end-user demand and cautious procurement by rerollers. The continued weakness in finished steel prices reduced the willingness of buyers to replenish billet inventories, further dampening market sentiment.

Sponge iron eases marginally

Sponge iron prices in the Raipur cluster slipped INR 50/t d-o-d as muted buying interest persisted. Buyers remained cautious and largely refrained from fresh bookings, anticipating additional price corrections. A widening gap between bids and offers continued to restrict trading activity despite the marginal reduction in producer offers.

The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/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 38,600/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 38,600/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 38,737/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,668/t exw-Raipur, rounded off to INR 38,650/t exw.

Click here for detailed methodology