India: BigMint's billet index showed notable increase on improved bookings

• Strong demand and improved enquiries support prices
  
  
• Finished steel increases by INR 200-700/t in Raipur
  
  

BigMint's billet index in Raipur rose sharply by INR 500/t day-on-day to INR 42,250/t ex-works on 21 April 2026, supported by improved buying activity and stronger demand from neighbouring regional markets.

Market sentiment remained volatile but positive, supported by a notable increase in enquiries and improved offtake from key consuming regions. The recovery in finished steel prices further supported buyer confidence, prompting participants to step up bookings in the semi-finished segment at varied offer levels.

Market drivers

Market participants highlighted that power disruptions in the Raigarh region shifted demand towards Raipur, resulting in a sudden spike in billet bookings from nearby markets.

Sellers maintained a balanced pricing strategy, aligning offers with improving demand conditions, which kept spot prices at elevated level.

Finished steel sees recovery

In the Raipur market, finished steel prices recorded an upward trend. Rebar prices increased by INR 200/t, while wire rod prices surged by INR 700/t d-o-d, supported by improved buying interest and active participation across regions.

Sponge iron edges higher

Sponge iron prices in the Raipur cluster rose by INR 150/t, tracking improved demand and a revival in buying activity amid fluctuating market conditions. However, procurement remained partly selective at higher price levels.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,300/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) - Ten trades at INR 41,800-42,500/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 42,238/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Nineteen offers were reported in the trading window and considered as T2 inputs. The average price of these nineteen was INR 42,250/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,244/t exw-Raipur, rounded off to INR 42,250/t exw.

Click here for detailed methodology