India: BigMint's billet index records moderate recovery amid improved buying

• Improved finished steel demand lifts market sentiment
  
  
• Sponge iron prices edge higher amid stronger demand
  
  

BigMint's billet index recorded a moderate recovery of INR 400/t d-o-d, rising to INR 39,450/t exw-Raipur on 25 May 2026, as buying activity improved across the semi-finished steel segment after around two weeks of muted trading.

Bookings gathered momentum at varied offers, particularly during the second half of the trading session amid improved market sentiment and renewed buying interest. Market participants attributed the recovery to stronger movement in the finished steel segment, which supported higher trade volumes across the region today.

Participants said expectations of better downstream steel demand in the coming days have started lending support to market confidence. However, most buyers remained cautious with procurement, preferring staggered bookings amid recent price volatility.

Finished steel segment rebounds

In Raipur, finished long steel prices showed a notable recovery. Rebar prices increased by INR 300/t d-o-d, while wire rod prices surged by INR 600/t, supported by improved buying activity and firmer market sentiment. Participants said stronger enquiries in the finished steel market encouraged billet buyers to return to the market after several sessions of subdued activity.

Sponge iron prices edge higher

Sponge iron prices in the Raipur cluster increased by INR 100/t d-o-d. Market participants reported that the working price range remained wide during the session, as spot offers were revised upward intermittently in response to improving demand conditions.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,250/t, a slight improvement from the previous session.

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 39,000-39,200/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 39,168/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 38,975/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,071/t exw-Raipur, rounded off to INR 39,050/t exw.

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