India: BigMint’s pellet export index drops $3/t w-o-w amid CNY holidays

• Some cargoes booked for post-holiday delivery, portside demand soft
• Sellers focus on domestic sales amid better realizations against exports

Indian pellet prices declined marginally w-o-w on 18 February 2026, as buying activity from China slowed sharply due to the ongoing Chinese New Year holidays. Major Chinese buyers refrained from placing fresh inquiries, resulting in muted trading activity across the export market.

Price and trades update

BigMint’s India pellet (Fe 63%, 3-3.5% Al) export index fell by $3/tonne (t) w-o-w to $95/t FOB east coast on 18 February 2026.

An Indian pellet producer recently concluded export deals for around 50,000 t of pellets (Fe 63%, 8% Al2O3 and SiO2) through a tender at $107-108/t FOB India. Today (18 February), one more pellet export (Fe 65%) tender of 50,000 t has been scheduled by the same pellet producer.

In a separate transaction, another supplier sold 75,000 t of pellets (Fe 62%, 3.25 % Al2O3) at $108-109/t CFR China last week from the east coast.

Market updates

Market participants noted that a few trades were concluded during the middle of last week, and another export tender is scheduled for today. However, no deals were reported from India’s east coast ports amid lower price realizations and weak overall sentiment. Exporters indicated that prevailing prices were not attractive enough to trigger an export push from sellers, especially with limited overseas interest.

Pellet producers stated that Chinese buying interest has virtually stalled, as mills and traders have stepped back from the market due to the Lunar New Year holiday period. The producer added, “There is no active inquiry from China this week.” Consequently, suppliers continued focusing on the domestic market, where prices remained relatively firm, and demand was well aligned with supply. Producers added that steady domestic offtake helped cushion the impact of subdued export demand.

A few producers indicated that pellet costs will become clearer after tomorrow’s Odisha Mining Corporation (OMC) auction. While pellet raw material costs remained stable last week, OMC has raised base prices for this auction, which could push up spot prices.

An international trader stated that several Chinese mills had already completed their restocking for the post-holiday period before the festivities began. While a few cargoes were recently booked for post-holiday shipments, overall demand at Chinese ports remains soft.

Market participants expect the seaborne pellet market to stay quiet throughout the holiday period. Price direction and clearer market dynamics are likely to emerge only after Chinese buyers return and fresh inquiries surface.

Domestic vs export market 

Domestic prices exceeded export realizations by around INR 1,750/t ($19/t), with the gap widening w-o-w. Pellet (Fe 62.5%) prices in Odisha’s Barbil were recorded at INR 8,650/t ($95/t) exw, remaining the same as the previous weekend. Meanwhile, the ex-plant realization in exports from Barbil dropped w-o-w to INR 6,900/t ($76/t) exw.

Rational 

• No confirmed deal from India’s east coast was recorded in this publishing window for T1 trade and was allotted 0% weightage for today’s price calculations. Click here for the detailed methodology.
• Eight (8) indicative prices were received, and five (5) were considered for the calculation of the index and given a balance 100% weightage.

Factors impacting pellet exports

• Chinese iron ore fines prices drop w-o-w: The benchmark iron ore fines Fe 61% index edged down by $3/dmt w-o-w to $98/dmt CFR China on 16 February. Prices fell as procurement activity in the physical market remained muted ahead of the Lunar New Year holidays, with most mills away from active trading. Meanwhile, prices in Chinese portside markets remained largely stable, supported by limited transactions.
• DCE iron ore futures price: Iron ore futures on the Dalian Commodity Exchange (DCE) for the May 2026 contract closed at RMB 754/t ($108/t) on 13 February. No prices were published this week amid the holidays.

Outlook