India: BigMint's billet index strengthens further amid modest buying on elevated offers

• Higher market volatility pushed up spot offers
  
  
• Finished steel and sponge iron prices extend gains
  
  

BigMint's billet index extended further gains, increasing by INR 200/t day-on-day to INR 39,550/t exw-Raipur on 27 May 2026, supported by heightened market volatility and a sharp rise in spot offers across the semi-finished steel segment.

Market participants highlighted that sellers revised offers upward throughout the day amid improving sentiment in allied steel segments and expectations of better demand. However, overall spot activity remained moderate, as buyers continued to adopt a cautious approach amid concerns over the sustainability of the recent price recovery.

The market remained range-bound during the session, with intermittent increases in billet offers observed throughout the day. Buyers refrained from aggressive procurement, citing uncertainty regarding downstream steel demand and resistance to elevated spot prices.

Finished steel prices move higher

In Raipur, finished long steel prices strengthened further amid improved sentiment. Rebar prices increased by INR 300/t d-o-d, although buying activity remained moderate. Wire rod prices also extended gains, rising by INR 200/t d-o-d on the back of improved enquiries and uptick in mill offers.

Market participants noted that while finished steel witnessed incremental buying support, participants remained cautious over whether current price levels can sustain in the near term.

Sponge iron prices rise

Sponge iron prices in the Raipur cluster increased by INR 250/t d-o-d, supported by positive cues from both semi-finished and finished steel segments. Moderate bookings were reported during the day as buyers replenished limited requirements amid rising offers.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/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) - Seven trades at INR 39,350-39,900/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 39,508/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Seventeen offers were reported in the trading window and considered as T2 inputs. The average price of these seventeen was INR 39,621/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 39,565/t exw-Raipur, rounded off to INR 39,550/t exw.

Click here for detailed methodology