Iron ore concentrate prices in Jabalpur, India, remained stable this week, with BigMint’s bi-weekly index assessed at INR 4,700/tonne (t) ($55/t) exw-Jabalpur w-o-w. Prices remained firm due to supportive sentiments in the pellet and Odisha iron ore markets.
Rationale
- No trades were recorded in this publishing window, and were accorded a 0% weightage.
- Eight (8) offers and indicative prices were reported, out of which nine (7) were taken into consideration as T2 trades, receiving 100% weightage.
Factors supporting iron ore concentrate prices:
- PELLEX remains stable – BigMint’s bi-weekly domestic pellet (Fe63%) index remained stable at INR 10,250/t ($120/t) DAP Raipur on 1 April compared to the previous assessment on 28 March. Market participants informed that transactions were limited as most buyers had already secured their deals in the preceding days. Additionally, many buyers withheld from fresh bookings towards the financial year-end, preferring to assess upcoming market effects.
- Odisha iron ore fines index rises w-o-w – Iron ore prices in Odisha remained supported this week as trading activity slowed due to the financial year-end. Market participants adopted a wait-and-watch approach as the Environmental Clearance (EC) for major miners expired, leading to subdued transactions. Buyers are now waiting for fresh EC before booking material for April delivery. BigMint’s Odisha iron ore fines (Fe 62%) index increased by INR 100/t ($1/t) w-o-w to INR 5,200/t ($61/t) ex-mines on 29 March.
Outlook
The market is awaiting NMDC Chhattisgarh’s iron ore price revision which may take place this week and give some clarity on price trends.
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