India: NMDC raises iron ore lump prices marginally, fines kept unchanged

• Global iron ore prices stay largely stable m-o-m
• Domestic pellet prices under pressure due to weak steel prices

India’s largest merchant iron ore mining company, NMDC, has revised its list prices of iron ore CLO (calibrated lump ore) and announced fines prices on 15 November 2025, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 6,250/tonne (t) ($71/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,750/t ($54/t). Prices are on FOR basis from the miner’s Bacheli complex and include royalty, DMF, and NMEDT.

DR CLO prices have been increased by INR 50/t while fines tags have been kept unchanged. Notably, the miner had last revised prices on 22 October 2025.

Meanwhile, the iron ore market is waiting for OMC’s iron ore auction scheduled for 19 November for further price clarity.

Factors behind price revision

• Global iron ore prices remain stable – Fe 62% fines prices, CNF China have remained largely stable m-o-m. November (till 14 November) prices averaged $104/t CFR China versus $106 CFR China in October. Discounts for mid-grade fines narrowed slightly amid moderate trade, while supply was adequate. Demand for high-grade material weakened as mills faced margin pressure.
• Domestic pellet prices under pressure – PELLEX, BigMint’s bi-weekly domestic pellet (Fe63%) index for Raipur, inched down further by INR 50/t ($0.5/t) to INR 9,700/t ($109/t) DAP on 14 November 2025 compared to the previous assessment on 11 November. Earlier Raipur-based pellet producers reduced their offers for 63/63.5% (+/-0.5%) material by INR 300/t ($4/t) to INR 9,600-9,900/t ($108-111/t) exw on 8th Nov in response to falling sponge iron (PDRI) and semi-finished steel tags. Market participants stated that the price correction followed a sustained weakness in downstream steel demand, while trade improved following the drop in prices.
• Indian HRC prices remain range-bound – Trade-level prices of hot-rolled coils (HRCs) in India showed mixed trends w-o-w. Some markets saw a downtrend, while in others prices remained firm. HRC prices hovered between INR 46,500-48,300/t ($525-546/t) across regions, while cold-rolled coil (CRC) prices ranged between INR 52,000-56,500/t ($588-538/t).

The Ministry of Finance (Department of Revenue) has imposed an anti-dumping duty of $121.5 per tonne (t) on imports of hot-rolled flat products of alloy or non-alloy steel originating in or exported from Vietnam on 12 November following the recommendation of the Directorate General of Trade Remedies (DGTR) as outlined in its Final Findings Notification published on 13 August. The duty is expected to relieve pricing pressure on Indian steelmakers while reinforcing India’s vigilance in protecting strategic industries through trade remedies. However, importers relying on Vietnamese HRC may face higher landed costs once it takes effect.