India: BigMint's billet index witnesses marginal correction amid modest buying activity

• Improved semi-finished steel bookings limit downside
  
  
• Finished steel weakens further, sponge iron drops slightly
  
  

BigMint's daily billet index registered a marginal correction of INR 50/t d-o-d, settling at INR 38,650/t exw-Raipur on 9 June 2026. The market remained range-bound, supported by a modest improvement in buying activity in the semi-finished steel segment, although sentiment in the finished steel market continued to remain cautious.

Intraday volatility was influenced by slightly positive cues from northern India, resulting in fluctuations in spot billet offers during the session. A gradual improvement in semi-finished steel demand supported moderate bookings across varying price levels. However, market participants remained cautious, citing weak downstream demand and uncertainty over the sustainability of recent buying interest.

Finished steel prices remain under pressure

In Raipur, finished steel prices continued to soften amid subdued demand conditions. Rebar prices declined by INR 300/t d-o-d, while wire rod prices eased by INR 100/t as buying enquiries remained limited and procurement activity stayed largely need-based. Market participants noted that continued weakness in finished steel demand is restricting recovery support to billet prices despite some improvement in bookings.

Sponge iron prices ease

Sponge iron prices in the Raipur cluster declined by INR 100/t during the day as suppliers adjusted offers to improve market participation. The softer pricing encouraged improved booking activity across the region, resulting in improved trade volumes compared to previous sessions.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in Raipur was assessed at INR 14,450/t, relatively stable operating margins for billet producers.

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) - Five trades at INR 38,600-38,800/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 38,683/t, which was given a 50% weightage in the final price calculation.
  
  
• Other price indicators - bids/offers/indicatives (T2) - Fifteen offers were reported in the trading window and considered as T2 inputs. The average price of these fifteen was INR 38,662/t and given a 50% weightage in the final price calculation.
  
  

The final price of billets was INR 38,673/t exw-Raipur, rounded off to INR 38,650/t exw.

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