India: BigMint's billet index plunges on weak sentiment and limited demand

• Weak sentiment and limited enquiries weigh on prices
  
  
• Finished steel declines INR 300-500/t in Raipur
  
  

BigMint's billet index in Raipur declined sharply by INR 450/t day-on-day to INR 42,550/t ex-works on 14 April 2026, as weak market sentiment and limited enquiries continued to exert downward pressure on the semi-finished steel segment.

Despite notable corrections in spot offers, buying interest remained subdued. Sellers were compelled to reduce prices aggressively amid persistent lower bids and negative cues from the neighbouring markets. Spot activity was confined to urgent, need-based transactions, with only a few deals concluded at discounted levels as participants remained cautious amid prevailing uncertainty.

Market participants indicated that sustained weakness in downstream finished steel demand continues to be the primary factor driving the ongoing correction in billet prices.

Finished steel prices decline

In the Raipur market, finished steel prices witnessed a sharp correction. Rebar prices fell by INR 500/t, while wire rod prices declined by INR 300/t day-on-day, reflecting weak end-user demand and limited enquiry levels.

Sponge iron softens

Sponge iron prices in the Raipur cluster decreased by INR 400/t d-o-d, weighed down by muted demand despite reductions in spot offers. Buying activity remained restricted, with participants continuing to adopt a cautious stance.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,100/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 42,500/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 42,500/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 42,554/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,527/t exw-Raipur, rounded off to INR 42,550/t exw.

Click here for detailed methodology