India: Iron ore concentrate prices remain firm amid balanced demand-supply

• Higher-grade material continues to attract bulk buying interest
• Balanced demand-supply dynamics support price stability

BigMint’s latest bi-weekly assessment indicates that iron ore concentrate prices (Fe 62%) in Jabalpur continued to hold firm at INR 5,050/t ($55/t) ex-works as of 28 January, unchanged from 24 January. However, beneath this apparent stability, market sentiment strengthened considerably during the week, with prices inching up by INR 50/t ($1/t) w-o-w, reflecting growing bullishness. The uptick was largely supported by firm seller offers, improving confidence across the value chain, and a noticeably stronger demand outlook.

Meanwhile, Fe 63% iron ore concentrate prices remained well supported at INR 5,250-5,300/t ($57-58/t) ex-works. Regular bulk transactions at these levels highlighted sustained demand for higher-grade material in the region. The gradual recovery in finished steel demand has begun to translate into higher raw material consumption, lending further upside support to concentrate prices.

On the supply side, sellers are actively clearing dispatches against previously committed volumes, while deliberately holding back on fresh bookings in a clear wait-and-watch stance, betting on further upside in prices. With demand steadily improving and availability remaining disciplined, the market is currently operating in a well-balanced demand-supply environment, creating a strong base for potential price appreciation in the near term.

A Jabalpur-based seller told BigMint,”The market is clearly on a positive trajectory. We are focused on executing older orders, and no price revision will be considered until these commitments are fully completed.”

Echoing the improved demand sentiment, a Jabalpur-based buyer informed BigMint, “Negotiations are currently underway. Our consumption levels have increased, and we are actively looking to procure additional volumes.”

Rationale

• Zero (0) trade was recorded in this publishing window and was not taken into consideration, receiving a 0% weightage.
• Eight (8) offers and indicative prices were heard, and five (5) were taken into consideration as T2 trades, receiving 100% weightage.

Factors supporting prices

• Odisha iron ore prices edge up by INR 100/t ($1/t) wo-w: BigMint’s Odisha iron ore fines (Fe 62%) index rose by INR 100/t ($1/t) w-o-w to INR 6,000/t ($65/t) ex-mines on Saturday, reflecting strengthening market sentiment. During the week, BigMint recorded approximately 850,000 t of transactions, largely concluded through direct purchases by steelmakers, underscoring healthy buying interest. Firm gains in downstream sponge iron and semi-finished steel prices further reinforced raw material values, with active demand continuing to support the market.
• Pellet prices remain steady in Raipur: PELLEX, BigMint’s bi-weekly domestic pellet (Fe 63%) index for Raipur, was assessed unchanged at INR 9,800/t ($107/t) DAP on 27 January 2026 from the previous assessment on 23 January. Pellet prices in the Raipur market remained largely stable through the week; however, overall trading activity stayed subdued as buyers continued to adopt a cautious approach. Market participants noted that despite suppliers maintaining firm offers, buyer resistance at prevailing price levels limited deal closures and kept market momentum muted.

Outlook

Iron ore concentrate prices are expected to hold firm in the near term, strongly underpinned by decent regional demand and accelerating momentum across downstream steel sectors, which continues to lend solid support to the market and reinforces a broadly positive price outlook.