- 750,000 t of iron ore deals heard concluded in Odisha
- Higher-grade lumps prices see INR 200/t w-o-w surge
Iron ore prices in the Odisha market remained firm this week as miners continued to conclude deals at their current offer levels. Market participants reported that some prominent miners managed to sell sizeable bulk volumes through auctions, reinforcing the strength in demand despite caution in downstream markets.
Price update
BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,600/t ($63/t) ex-mines on 29 November 2025. BigMint recorded deals for around 600,000 t of iron ore this week, concluded directly by steelmakers.
Major miners in Odisha revised their iron ore offers this week, with fresh trades concluded at new offers. Iron ore lumps prices for higher grades have seen a spike of INR 200-300/t this week.
Meanwhile, around 150,000 t iron ore sold via auction this week by the major miners SAIL, AMNS and JSW as per data reported by BigMint.
Market highlights
Miners have largely maintained the higher offers they announced after the recent OMC auction and are accepting orders at these revised price levels. A leading miner commented, “We sold some bulk volumes post-OMC auction at our revised rates to the regular buyers. Inquiries remain active because the market stock is tight and buyers want to secure material early.”
Another miner mentioned that negotiations are ongoing for large-volume deals, adding, “Buyers are pushing for trades at OMC auction prices, but given the limited availability, we expect to conclude deals close to our offer levels.”
However, sentiments from the steelmaking segment were comparatively cautious. With pellet and sponge iron prices weakening, several steel producers expressed concern about increasing input costs. A steelmaker noted, “Current costing is nearly at par. With iron ore prices staying high while finished and semi-finished product prices soften, margins are under pressure.”
Sponge iron manufacturers echoed similar views. A sponge pr oducer remarked, “Even in the OMC auction, the bidding was aggressive. Prices were pushed up sharply by buyers competing for limited volumes.”
On the other hand, some buyers said they were staying away from fresh purchases after securing sufficient quantities during the OMC auction. “We covered our requirements at the auction. With the recent spike, we prefer to wait before making new bookings,” a buyer said.
Factors affecting iron ore prices
Pellet prices mixed w-o-w: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil remained stable w-o-w at INR 8,700/t ($98/t) loaded to wagon. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur fell by INR 150/t ($2/t) to INR 9,800/t ($110/t) exw on 28 November.
Sponge iron prices stable: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela remained largely stable w-o-w at INR 24,200/t ($273/t) on 29 November.
Billet prices up w-o-w: Meanwhile, steel billet (100*100 mm) prices in Rourkela climbed up by INR 100/t ($1/t) w-o-w to INR 35,300/t ($398/t) today.
Rationale
- T1- Five (5) deals for Fe 62% fines were recorded in the publishing window and three (3) were considered for price computation. These were given 50% weightage for index calculation.
- T2 – BigMint received twenty-two (22) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Fifteen (15) were taken into consideration and given 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.
Outlook
BigMint’s analysis suggests that despite mixed cues, the overall sentiment suggests that Odisha iron ore prices are likely to remain firm in the near term. Limited supply, active inquiries, and ongoing negotiations point to the possibility of more deals being concluded soon.
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