India: BigMint's billet index softens on weak demand and cautious buying

• Muted downstream demand weighs on semis
  
  
• Finished steel prices extend decline in Raipur
  
  

BigMint's billet index in Raipur declined by INR 300/t day-on-day to INR 40,250/t exw on 12 May 2026, as weak downstream demand and cautious buying sentiment continued to pressure semi-finished steel prices.

Despite lower spot offers, buying interest remained weak, with transactions largely restricted to immediate requirements. Only a handful of spot deals were reported during the session as buyers refrained from aggressive bookings amid persistent weakness in finished steel demand.

Sellers continued to reduce billet offers in an attempt to stimulate demand; however, response from buyers remained limited as uncertainty in the finished steel segment continued to weigh on procurement decisions.

Market participants highlighted that multiple factors are currently influencing buying behaviour, including liquidity constraints, sluggish finished steel movement, and volatility in raw material costs such as sponge iron, scrap, and pig iron. Industry participants noted that stronger end-user demand will be crucial to revive sentiment in the semi-finished steel segment, particularly as many manufacturers continue operating at normal capacity levels.

Finished steel remains under pressure

In the Raipur market, finished steel prices extended their downward trend. Rebar prices declined by INR 400/t day-on-day, while wire rod prices eased by INR 200/t amid weak end-user demand and limited enquiries.

Sponge iron stays stable

Sponge iron prices in the Raipur cluster remained unchanged despite weak downstream demand, as sellers maintained offers amid stable market sentiment.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was recorded at around INR 14,850/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) - Three trade at INR 40,200-40,300/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 40,275/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Twenty one offers were reported in the trading window and considered as T2 inputs. The average price of these twenty one was INR 40,250/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 40,262/t exw-Raipur, rounded off to INR 40,250/t exw.

Click here for detailed methodology