Exporters’ margins also shrank during February. FOB prices of Indian low-grade iron ore fines (Fe 57%) declined to an eight-month low of $62/t in February 2026 from around $67/t in January 2026. This follows a $7/t (7%) m-o-m drop in the Chinese iron ore (Fe 61.5%) fines prices to $100/t CNF in February. Pellet export prices, FOB eastern coast of India, fell $9/t (8%) m-o-m to a six-month low of $97/t.
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