India: BigMint's billet index sees marginal uptick on improved buying

• Stronger finished steel demand lifts billet market sentiment
  
  
• Positive cues from neighbouring markets lend support
  
  

BigMint's billet index in Raipur increased marginally by INR 100/t d-o-d to INR 42,000/t exw on 29 April 2026, supported by improved bookings in both the billet and sponge iron segments, along with positive cues from neighbouring markets.

Market activity remained volatile throughout the session, with billet offers fluctuating at varied levels. A mild recovery in demand led to an increase in trade volumes, with transactions concluded across a range of price points. Improved finished steel bookings played a key role in supporting sentiment and driving incremental demand in the billet market.

Finished steel sees mild recovery

In the Raipur market, finished steel prices closed on a positive note. Rebar prices increased by INR 100/t d-o-d, supported by improved bookings, while wire rod prices recovered from early-session lows amid better buying interest. Despite the uptick, overall demand remained moderate.

Sponge iron prices soften

Sponge iron prices in the Raipur cluster declined slightly, even as bookings were concluded at varied price levels. The DRI market remained volatile, starting the session under pressure before witnessing improved buying interest in the latter half of the day.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,450/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) - Eleven trades at INR 41,700-42,300/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 42,020/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 41,964/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 41,992/t exw-Raipur, rounded off to INR 42,000/t exw.

Click here for detailed methodology