India: Iron ore concentrate tags remain firm w-o-w; market awaits NMDC price revision

• Trades pick up as fiscal year kickstarts
• Market expects price hike after by NMDC soon

Iron ore concentrate prices in Jabalpur remained unchanged w-o-w, amid stable pellet tags and active trades this week. Meanwhile, certain deals were heard concluded at higher offers as well.

BigMint’s weekly iron ore concentrate index was assessed at INR 4,700/tonne (t) ($54/t) exw-Jabalpur, stable, w-o-w.

The market is keenly awaiting the upcoming iron ore price announcement from the National Mineral Development Corporation (NMDC), which is round the corner. A price hike from the miner is widely anticipated, and a subsequent increase in iron ore concentrate prices is likely. According to a major buyer cited by BigMint, “Prices are expected to rise following NMDC’s revision.”

Rationale:

• Five (5) trades for 97,000 t were recorded in the publishing window, out of which four (4) were taken into consideration, receiving 50% weightage.
• Nine (9) offers and indicative prices were reported, of which eight (8) were taken into consideration as T2 trades, which received the balance 50% weightage.

Raipur, Odisha pellet offers remain stable

Pellet prices in central India’s Raipur remained mostly stable this week, as buying activity remained cautious due to a decline in sponge iron and billet prices. Trades were limited to need-based purchases, with bulk buying notably absent. Meanwhile, pellet suppliers continued to hold offers firm, with occasional deals taking place in nearby regions based on immediate requirements.

BigMint’s bi-weekly domestic pellet (Fe 63%) index remained stable at INR 10,250/t ($118/t) DAP Raipur on 8 April compared to the previous assessment on 4 April.

Iron ore prices in Odisha held largely steady during the first week of FY’26, with a marginal increase noted in high-grade lump prices. Market activity remained moderate, as major miners have yet to release fresh offers following the receipt of new environmental clearances (ECs), prompting buyers to adopt a wait-and-watch approach. However, a few miners have started announcing their offers, indicating the potential for increased market activity in the near term.

BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,200/t ($60/t) ex-mines on 5 April.

Outlook

The market is closely watching for NMDC Chhattisgarh’s upcoming iron ore price revision, which is expected soon and may provide clearer direction on future price trends.