India: BigMint's billet index remains stable despite limited enquiries

• Transport constraints impact fresh bookings
  
  
• Finished steel prices soften, sponge iron edges higher
  
  

BigMint's billet index remained unchanged at INR 40,050/t exw-Raipur on 15 May 2026, as buying activity stayed muted with market participants delaying fresh bookings amid concerns over transport disruptions caused by fuel shortages and limited vehicle availability.

Market activity remained subdued throughout the day, with enquiry levels staying weak. Buyers largely refrained from fresh procurement as many had already secured sufficient volumes in the previous trading session at relatively favourable prices. Market participants said logistical challenges, particularly limited transport availability, further restricted fresh bookings and capped spot activity.

Despite firm billet offers, sellers avoided aggressive price hikes due to the lack of meaningful demand support. The market sentiment remained range-bound, with participants closely monitoring logistics availability and downstream demand support.

Finished steel softens

In Raipur, finished steel prices witnessed minor corrections. Rebar and wire rod prices declined by INR 100/t d-o-d on weak end-user demand and limited enquiry levels.

Sponge iron edges up

Sponge iron prices in the Raipur cluster increased by INR 200/t d-o-d. However, buying activity remained limited at higher offers as buyers had already booked sufficient material in earlier sessions and holding fresh purchases.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,350/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) - One trade at INR 40,000/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 40,000/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 40,090/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 40,045/t exw-Raipur, rounded off to INR 40,050/t exw.

Click here for detailed methodology