India: BigMint's billet index rises as sellers raise offers, demand stays moderate

• Higher offers failed to attract strong buying interest.
  
  
• Buyer participation remained selective throughout the session.
  
  

BigMint's billet index edged up by INR 350/t d-o-d to INR 39,100/t exw-Raipur on 29 June 2026, supported by improved market sentiment and selective bookings across the semi-finished steel segment.

The previous trading session witnessed relatively better activity, with sellers gaining confidence from neighbouring markets where billet prices were raised aggressively on the back of improved sentiment rather than any significant increase in demand. The higher offers in surrounding regions encouraged Raipur-based sellers to revise prices upward.

Sponge iron prices in Raipur also increased marginally by around INR 150/t, supported by the improved market sentiment. Demand in the sponge iron segment remained moderate, providing some support to the price increase.

However, buying interest weakened in the second half of the day as customers showed limited acceptance at elevated price levels, resulting in subdued trading activity. Although finished steel prices in Raipur increased by around INR 100-400/t, demand remained restricted at the revised rates. Consequently, the rise in finished steel prices has not provided sufficient support to improve overall trade activity. Higher offers alone are unlikely to sustain the current price trend unless supported by stronger downstream demand.

The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/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) - Five trades at INR 39,100/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 39,057/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Five offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 39,130/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,093/t exw-Raipur, rounded off to INR 39,100/t exw.