India: Iron ore concentrate prices remain flat amid balanced market fundamentals

• Market enters wait-and-watch phase with limited activity
• Suppliers expected to revise offers in coming weeks

Iron ore concentrate prices in Jabalpur remained stable on 11 March 2026 amid a balanced market. According to BigMint’s latest bi-weekly assessment, Fe 62% iron ore concentrate prices were assessed at INR 5,300/t ($58/t) ex-works, unchanged since 7 March and steady w-o-w. Market activity remained limited, with participants largely adopting a wait-and-watch approach as neither buyers nor sellers pushed for aggressive price movements.

Higher-grade Fe 63% concentrate was heard at around INR 5,500-5,600/t ($61/t) ex-works. The premium for this grade continues to be supported by restricted availability, as only a few beneficiation plants in the region are currently producing higher-grade material. This supply tightness has enabled sellers to maintain firm expectations for premium grades.

On the supply side, most producers were focused on dispatching previously booked orders, leaving limited availability for fresh spot transactions. Consequently, new offers were largely absent during the current assessment window. Market participants expect revised offers to emerge in the coming days, depending on downstream demand trends and broader raw material price movements.

Support from the wider raw material complex has also helped sustain market sentiment. Firm pellet prices, stable iron ore prices in Odisha, and a recent price increase by NMDC collectively strengthened the overall market outlook and reinforced sellers’ confidence.

At the same time, downstream consumers, including sponge iron and steel producers, maintained a cautious stance. Many buyers are closely monitoring price direction before committing to fresh procurement.

A Jabalpur-based seller noted, “The market is currently stable as supply and demand remain well aligned. Buyers are waiting for clearer signals on price direction, which is keeping activity limited.”

Another regional supplier indicated that “fresh offers could surface next week, although no official revisions have been announced so far.”

From the buyer side, some participants highlighted adjustments in raw material consumption due to elevated concentrate prices. One buyer commented, ‘We have marginally reduced concentrate usage and increased mill scale consumption as an alternative. Current prices are already firm, and there is a possibility of further strengthening in the coming weeks.’

Rationale

• Zero (0) trade was recorded in this publishing window, and thus, this category was not taken into consideration, receiving a 0% weightage.
• Eleven (11) offers and indicative prices were heard, and nine (9) were taken into consideration as T2 trades, receiving 100% weightage.

Factors supporting prices

• Pellet prices strengthen in Raipur: PELLEX, BigMint’s bi-weekly domestic pellet (Fe 63%) index for Raipur, rose by INR 350/t to INR 11,150/t ($121/t) DAP on 10 March. The increase was supported by higher sponge iron and semi-finished steel prices, while trading activity remained moderate and need-based. Producers also raised offers for Fe 62-63% (+/-0.5%) pellets by around INR 300/t to about INR 11,000/t ($119-120/t) ex-works.
• Odisha iron ore prices remain steady: BigMint’s Odisha iron ore fines (Fe 62%) index held steady w-o-w at INR 5,800/t ($64/t) ex-mines on 7 March. Firm downstream steel demand and higher miner offers supported the market, while the recent improvement in sponge iron and semi-finished steel prices helped sustain overall sentiment despite limited trading activity.
• NMDC raises iron ore prices: India’s largest merchant iron ore miner, NMDC Limited, increased its list prices for iron ore lumps and fines on 6 March 2026. Prices of DR CLO (10-40 mm, Fe 67%) were set at INR 5,350/t ($59/t), while iron ore fines (-10 mm, Fe 64%) were fixed at INR 4,050/t ($45/t) on an FOR basis from the Bacheli complex, excluding royalty, DMF, and NMET. Prices across grades were raised by INR 50-100/t.

Outlook

Sellers may attempt to raise iron ore concentrate offers in line with the recent price hike by NMDC. However, if buying interest remains weak or cautious, prices could face downward pressure despite supportive raw material sentiment.