India: Odisha iron ore fines index remains firm, market eyes fresh offers

• Sponge iron, billet prices rise in Odisha
• Trade activity remains moderate

Iron ore prices in Odisha remained largely stable during the first week of FY’26, with a slight uptick observed in high-grade lumps tags. Market activity remained moderate as several major miners are yet to announce fresh offers after receipt of fresh ECs, keeping buyers in a wait-and-watch mode. However, a few miners have already rolled out their offers, signaling the possibility of active market activities in the coming days.

BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,200/t ($61/t) ex-mines on 5 April. Deals for around 160,000 t of iron ore (fines and lumps) were recorded from Odisha this week.

A trader from the eastern region commented: “Market sentiment is cautiously optimistic. Lump prices are firm but trades are still limited until more miners come into the market with fresh offers.”

The current buying interest is supported by stable pellet and rising semi-finished steel prices, which have encouraged some restocking by secondary steel players. The recent price uptick in sponge iron and billets has further bolstered market sentiment.

A major buyer informed, “There is a positive outlook in the market driven by improved finished steel prices. Once major miners start offering, we expect a notable rise in trade volumes.”

According to sources, major miners from Odisha are expected to announce their new offers this week. Additionally, we may see some bulk trades occurring in the near term. Several miners are also watching the upcoming OMC iron ore auction and the NMDC price revision dynamics closely in anticipation of these new offers.

Factors affecting iron ore market

• Pellet offers stable w-o-w: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil remained stable w-o-w at INR 8,500/t ($99/t) loaded to wagon. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur were also range-bound w-o-w at INR 9,500/t ($111/t) exw on 4 April.
• Sponge iron prices rise w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela increased by INR 300/t ($4/t) w-o-w at INR 27,700/t ($323/t) on 5 April. Meanwhile, steel billet (100*100 mm) offers in Rourkela climbed up by INR 1,000/t ($12/t) w-o-w to INR 41,100/t ($480/t) today.

Rationale

• T1- One (1) deal of Fe62% fines was recorded in the publishing window and was considered for price computation and given a 50% weightage for index calculation.
• T2 – BigMint received eleven (11) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Nine (9) were taken into consideration and given a 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.

Outlook

According to BigMint’s analysis, Odisha’s iron ore prices are expected to remain firm in the coming days as restocking interest is picking up amid supportive steel fundamentals.