India: BigMint's billet index strengthens on prior bookings despite limited demand

• Prior session bookings keep offers elevated
  
  
• Finished steel prices rise INR 100-200/t in Raipur
  
  

BigMint's billet index extended its uptrend on 22 April 2026, rising by INR 200/t d-o-d to INR 42,450/t exw-Raipur, supported by strong bookings concluded in the previous trading session, which encouraged sellers to maintain elevated offer levels.

Market activity remained moderate during the day, as most participants had already secured sufficient volumes in both semi-finished and finished steel segments in the prior session. As a result, fresh buying interest was limited, with only a few deals concluded, largely to meet urgent needs. Participants continued to monitor market direction and prices before committing to further bookings.

Finished steel

In Raipur, finished steel prices recorded a mild uptick. Rebar prices increased by INR 200/t d-o-d, while wire rod prices edged up by INR 100/t, supported by limited enquiries. Overall activity remained subdued, with transactions restricted to immediate requirements only.

Sponge iron

Sponge iron prices in Raipur increased by INR 350/t, supported by modest buying interest and firm sentiment in the raw material segment.

The conversion spread from pellet-based sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at around INR 16,150/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) - Two trades at INR 42,400-42,500/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 42,450/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Sixteen offers were reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 42,477/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 42,463/t exw-Raipur, rounded off to INR 42,450/t exw.

Click here for detailed methodology