India: BigMint's billet index slips by INR 300/t d-o-d on weak demand - 6 Jan

- Weak sentiment led further price corrections

- Finished steel fell by INR 200-300/t in Raipur

BigMint’s Billet Index declined by INR 300/t d-o-d to INR 40,100/t exw-Raipur on 6 January 2026, amid subdued procurement activity and weak market sentiment. Buyers remained cautious in a bearish environment, restricting purchases strictly to immediate requirements.

Trading activity throughout the session was subdued, with most market participants staying on the sidelines. Expectations of further price correction weighed heavily on sentiment, resulting in limited spot transactions. Sellers attempted to stimulate demand by offering discounts; however, buyers continued to seek deeper corrections before committing to fresh bookings. As a result, trade volumes remained confined to need-based buying, reflecting an imbalance between buyer expectations and seller offers.

Overall, the market closed on a soft note, characterized by limited trades, muted demand, and a cautious near-term outlook.

Market Highlights:

- Finished Steel: In Raipur, rebar prices declined by INR 300/t d-o-d, while wire rod prices fell by INR 200/t, mirroring weak downstream demand.

- Sponge Iron: Prices eased by INR 100/t, pressured by lower bids and competitive offers from neighbouring market places.

The conversion spread from PDRI to billet for standalone induction furnaces in Raipur was assessed at INR 15,700/t, indicating continued margin pressure amid declining finished steel prices.

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 40,000-40,200/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 40,157/t, which was given a 50% weightage in the final price calculation.

- Other price indicators – bids/offers/indicatives (T2) – Ten offers were reported in the trading window and considered as T2 inputs. The average price of these ten was INR 40,061/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 40,109/t exw-Raipur, rounded off to INR 40,100/t exw.

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