India: NMDC cuts iron ore prices by up to INR 500/t ($5) for Jul’26

• PSU miners’ dispatches fall m-o-m in June
• Global iron ore price plunges in June

India’s largest merchant iron ore mining company, NMDC, has reduced its list prices of iron ore CLO (calibrated lump ore) and fines on 10 July 2026, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 5,850/tonne (t) ($61/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,700/t ($49/t). Prices are on FOR basis from the miner’s Bacheli complex and exclude royalty, DMF, and NMEDT. Prices of all grades have decreased in the range of INR 150-500/t.

Factors behind drop in prices:

• Rake dispatch decrease m-o-m in June: The National Mineral Development Corporation (NMDC), India’s largest iron ore miner, dispatched 563 rakes from its Chhattisgarh mines in June 2026, equivalent to 2.17 million tonnes (mnt) of iron ore, lower by 10% m-o-m.
• Global iron ore prices plunge: Iron ore fines (Fe 61%, Australia origin) prices dropped largely by $8/t m-o-m to $101/dmt CFR China in June, highlighting the softness in underlying market fundamentals. Prices kept dragging down amid slowed production momentum and prolonged festive holiday silence. Moreover, growing inventories at steel mills as well as portside inventories exerted additional downward pressure on prices.
• Pellet prices drop sharply m-o-m: PELLEX fell by 5% m-o-m owing to lower bids, fall in sponge iron prices and weaker sentiments in the steel market.
• Bids remain muted in OMC’s June iron ore fines auction: In OMC’s iron ore fines auction for 2.01 mnt (Fe 51-62%) on 19 Jun, 1.543 mnt (76%) were booked at INR 3,500-5,850/t with around INR 100/t premium on base prices. The weighted avg bids against last months rose by INR 50/t.  The miner inched down base prices by INR 50-100/t m-o-m. On the other hand, for lumps weighted average bids fell by INR 250/t m-o-m.
• Odisha fines prices drop m-o-m: BigMint’s Odisha iron ore fines index (Fe 62%) dropped by INR 350/t m-o-m to INR 5,000/t in June 2026. Prices soften gradually in June amid pressure from the seaborne fines market and domestic downstream steel market chain and a decline in OMC auction bids in the June auction.
• Sponge iron prices decrease m-o-m in June: Sponge iron prices fell 5% m-o-m, reflecting lower billet production and weaker procurement by induction furnace mills.
• Indian steel prices fall m-o-m in Jun’26: Indian steel prices declined m-o-m in May 2026 across both long and flat steel segments, led by slow domestic demand. HRC prices dropped in June by INR 200/t m-o-m to INR 58,266/t. Transaction activity remained sluggish with deals sticking to only immediate requirements. Additionally, leading Indian steelmakers have reduced their flat steel mill list prices by INR 1,000/t for July 2026 deliveries, reducing both hot-rolled coil (HRC) and cold-rolled coil (CRC) prices amid subdued market activity and cautious buying sentiment. India’s tier-1 blast furnace (BF) steel producers have reduced rebar list prices for July 2026 deliveries by INR 1,000-3,000/t m-o-m as weak buying enquiries, rising inventories, and slow construction activity continue to weigh on market sentiment.