India: BigMint's billet index falls further on weak demand and dull sentiment

• Raipur billet prices down INR 300/t on weak demand
  
  
• Finished steel prices slide; rebar, wire rod prices decline
  
  

BigMint's billet index in Raipur declined by INR 300/t d-o-d to INR 41,700/t exw on 5 May 2026, as weak demand and subdued market sentiment continued to weigh on spot offers.

Market activity remained sluggish throughout the session, with poor buying enquiries on quoted offers. Biddings were largely on the lower side, which compelled sellers to soften their offers as well as working prices to attract buyers.

Despite the price adjustments, procurement remained restricted and largely need-based, with no signs of bulk buying or aggressive participation. Participants continued to adopt a cautious approach amid weaker sentiment in the finished steel segment, where slower offtake has been weighing on overall demand.

Finished steel softens

In Raipur, finished steel prices witnessed a notable correction today. Rebar price and wire rod prices declined by INR 400/t and INR 600/t d-o-d, respectively, reflecting weak end-user demand and limited enquiry levels. Market participants noted that subdued downstream demand continues to weigh on overall steel trade.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 15,850/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) - Eleven offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 41,692/t and given a 100% weightage in the final price calculation.
  
  

The final price of billets was INR 41,692/t exw-Raipur, rounded off to INR 41,700/t exw.

Click here for detailed methodology