India: BigMint's billet index extends gains amid moderate buying

• Previous bookings supported higher offers
  
  
• Finished steel shows mixed trend in Raipur
  
  

BigMint's billet index in Raipur extended its upward trend on 30 April 2026, rising by INR 200/t day-on-day to INR 42,150/t exw, supported by strong bookings concluded in the previous session, which continued to lend support to current offers.

Market sentiment showed mild improvement, with sellers raising spot offers during the session. However, overall buying participation remained moderate, as most buyers had already secured sufficient volumes in the previous session at favourable price levels. Buyers remained cautious due to recent price increases and uncertainty regarding the sustainability of demand in the near term.

Market participants highlighted that a sustained recovery in finished steel demand will be crucial to maintain the current upward momentum in billet demand.

Finished steel shows mixed trend

In the Raipur market, finished steel prices exhibited a mixed trend. Rebar prices remained largely stable day-on-day, while wire rod prices declined by INR 200/t, demand stayed weak as buyers had already secured adequate volumes earlier.

Sponge iron edge up

Sponge iron prices in Raipur increased by INR 150/t, supported by modest buying interest and firm sentiment in the DRI segment.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at around INR 16,450/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) - Five trades at INR 42,000-42,200/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 42,158/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 42,185/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,172/t exw-Raipur, rounded off to INR 42,150/t exw.

Click here for detailed methodology