India: BigMint's billet index rises marginally amid demand uptick

• Selective transactions concluded after negotiations
  
  
• Finished steel prices show mixed trends on muted demand
  
  

BigMint's billet index edged up by INR 50/t d-o-d to INR 38,750/t exw-Raipur on 26 June 2026, supported by a modest improvement in buying activity and selective bookings across the semi-finished steel segment.

Market activity improved slightly during the session as buyers concluded need-based purchases following negotiations at mutually acceptable price levels. Sellers maintained balanced offers, preferring to preserve price stability rather than push for aggressive increases in a market still constrained by weak downstream consumption.

Trading activity improved notably, with approximately 3,560 t of billet deals concluded during today's session compared with around 2,500 t recorded yesterday. Modest increase in trading amid improved market participation, although buying remained measured rather than aggressive.

Finished steel records mixed movement

In the Raipur market, finished steel prices displayed a mixed trend. Rebar prices declined by INR 100/t d-o-d amid limited buying interest from the construction sector, while wire rod prices remained unchanged as enquiries and offtake continued to be modest. Market participants noted that procurement remained need-based, reflecting cautious sentiment among downstream consumers.

Sponge iron softens marginally

Sponge iron prices in the Raipur cluster slipped by INR 50/t d-o-d as producers marginally reduced spot offers to stimulate demand. The lower offers resulted in a modest improvement in bookings during the trading session, although overall buying activity remained measured.

The conversion spread between pellet-based direct reduced iron (PDRI) and billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,750/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) - Four trades at INR 38,700-38,800/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 38,758/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 38,781/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,770/t exw-Raipur, rounded off to INR 38,750/t exw.

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