India: BigMint's billet index holds steady on modest buying support

• Finished steel demand remains limited
  
  
• Lower bids in sponge iron prices limits upside
  
  

BigMint's billet index in Raipur remained unchanged day-on-day at INR 38,800/t exw on 5 May 2026, as moderate buying activity in the semi-finished steel segment and need-based procurement in finished steel helped maintain stable market sentiment.

The market remained range-bound throughout the session, witnessing only minor fluctuations before closing steady. While positive cues from neighbouring markets provided some support to sentiment, limited support in finished steel demand continued to restrict any recovery in billet prices.

Market participants noted that procurement activity remained largely requirement-driven, with buyers avoiding large-volume bookings amid uncertainty over downstream demand. As a result, spot prices remained stable despite intermittent movements in offers during the day.

Sponge iron prices soften slightly

Sponge iron prices in the Raipur cluster eased marginally by INR 50/t d-o-d, weighed down by limited buying interest and lower bids from billet manufacturers. Softening raw material prices were due to cautious procurement approach prevailing across the market.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 14,400/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) - Three trades at INR 38,800/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 38,800/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fourteen offers were reported in the trading window and considered as T2 inputs. The average price of these fourteen was INR 38,842/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,821/t exw-Raipur, rounded off to INR 38,800/t exw.

Click here for detailed methodology