- Prices of all grades rise for Mar’26 delivery
- Indian steel mills lift prices for early March
India’s largest merchant iron ore mining company, NMDC, announced its list prices of iron ore CLO (calibrated lump ore) and fines on 6 March 2026, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 5,350/tonne (t) ($59/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,050/t ($45/t). Prices are on FOR basis from the miner’s Bacheli complex and exclude royalty, DMF, and NMEDT. Prices of all grades were raised by INR 50-100/t.
Notably, in January 2026, NMDC shifted its pricing structure from an erstwhile tax-inclusive model to one that excludes royalty, DMF, and NMEDT charges.
Market overview
Odisha iron ore prices stable m-o-m: BigMint’s Odisha iron ore fines index (Fe 62%) held steady m-o-m at INR 5,900/t in February. Prices increased due to active trading by steelmakers, backed by strong offers from miners and higher auction bids. In OMC’s iron ore fines auction for 2.25 mnt (Fe 51-62%) on 19 February, around 1.97 mnt (88%) was booked at INR 4450-6,300/t, however, bids (weighted average) fell by INR 100/t m-o-m.
PELLEX rises m-o-m tracking hike in iron ore offers: The monthly average domestic pellet index, PELLEX, surged by INR 650/t m-o-m in February to INR 10,450/t DAP Raipur on price support from iron ore and hike in pellet offers.
Indian mills raise HRC, CRC list prices for early-Mar’26 amid cost pressures: Leading Indian steelmakers have increased list prices of hot-rolled coils (HRCs) and cold-rolled coils (CRCs) by INR 750-1,500/t ($8-16/t) for early March 2026 sales. List prices of HRCs (2.5-8 mm, IS2062, Gr E250 Br) ranged within INR 53,750-55,500/t ($587-606/t) ex-Mumbai. Moreover, CRCs (0.9 mm, IS513 CR1) were listed at INR 60,400-62,750/t ($659-685/t). The price hikes could be attributed primarily to rising raw material costs and reduced imports.
Global uncertainties drive prices: Steel prices may see an upward revision due to rising imported coal prices and higher vessel freight in the seaborne market, driven by increasing oil prices amid recent geopolitical tensions in the Middle East. This could lead to a potential rise in iron ore prices in the near term. The Brent Crude Oil index rose by 50% from USD 58/Bbl to USD 84/Bbl m-o-m on 6 March.
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