India: BigMint's billet index recovers slightly amid improved buying

• Positive cues from northern India help boost trade in Raipur
  
  
• Mixed finished steel trend keeps market sentiment cautious
  
  

BigMint's billet index edged higher by INR 100/t d-o-d to INR 38,850/t exw-Raipur on 2 June 2026, supported by improved buying activity and a rise in enquiries across the semi-finished steel segment. Cautious optimism surrounding finished steel demand also supported spot billet offers.

The market remained volatile during the second half of the trading session, influenced by positive cues from northern India and improving sentiment in the semi-finished steel segment. A gradual increase in buying interest helped improve bookings across varied price levels, allowing sellers to raise offers slightly.

However, producers largely avoided aggressive price hikes, preferring a balanced approach as buyers continued to assess the sustainability of the recovery. Market participants said a clearer direction from the finished steel segment will be crucial in determining market direction.

Finished steel sees mixed response

In Raipur, finished steel prices witnessed a mixed trend. Rebar offers declined by INR 300/t d-o-d amid selective buying, while wire rod prices increased by INR 100/t, supported by moderate trading activity and improved enquiries. Participants noted that while demand has shown signs of stabilisation, the finished steel market is yet to exhibit a strong and sustained recovery.

Sponge iron prices soften

Sponge iron prices in the Raipur cluster declined by INR 200/t d-o-d. Despite the correction, market participants reported active bookings and short-term restocking activity due to lower price levels, indicating improved sentiment in the raw material segment.

The conversion spread from PDRI to billets for standalone induction furnaces in Raipur was assessed 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) - Six trades at INR 38,700-39,000/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 38,877/t, which was given a 50% weightage in the final price calculation.

Other price indicators - bids/offers/indicatives (T2) - Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 38,819/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 38,848/t exw-Raipur, rounded off to INR 38,850/t exw.

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