India: Iron ore concentrate prices remain largely stable as market awaits NMDC price revision

• Buyers’ bids remain on lower side
• NMDC may raise prices for next month

Iron ore concentrate prices in Jabalpur, central India, witnessed a slight uptick this week. According to BigMint assessment, firm demand and positive market sentiment, driven by strength in the pellet and Odisha iron ore market, have continued to support concentrate offers.

Despite buyers seeking material at lower prices, sellers are holding their offers firm and are even contemplating further price hikes. Meanwhile, market participants are closely monitoring the upcoming price announcement from NMDC for August deliveries.

BigMint’s bi-weekly index for Fe 62% concentrates stood at INR 4,600/t exw ($54/t) exw, edged up by INR 50/t ($1/t) as against the last assessment on 26 July. Meanwhile, Fe 63% iron ore concentrate prices are hovering in the range of INR 4,700/t ($54/t) exw.

“We have already booked sufficient volumes for August, so our focus remains on liquidating both these consignments and older material,” a Jabalpur-based seller informed BigMint.

Additionally, railway movement restrictions and inadequate road connectivity in key mining regions have further disrupted the supply chain. Although underlying demand remains stable, these logistical challenges and supply-side constraints have hindered material availability, leading to cautious procurement activity. Market participants anticipate that tight supply conditions will persist until weather conditions improve and operational logistics are restored.

Market participants anticipate an upward revision in NMDC’s upcoming price revision, expected within the next seven days, amid expectations of a price increase.

Rationale

• No trade was recorded in this publishing window.
• Seven (7) offers and indicative prices were heard, of which five (5) were taken into consideration as T2 trades, receiving 100% weightage.

Why have concentrate offers increased?

• Pellet prices rise by INR 350/t ($4/t) in Raipur: Pellet prices in the Raipur region rose by INR 350/t ($4/t) w-o-w to INR 10,050/t ($115/t) supported by earlier gains in sponge PDRI and semi-finished steel tags. However, trading activity was subdued, as buyers exhibited limited interest in fresh bookings. Market participants indicated that while buyers made inquiries, many suppliers had already closed their sales and were focused on dispatching previously concluded deals.
• Odisha iron ore fines price increase by INR 150/t ($2/t) w-o-w: BigMint’s Odisha iron ore fines (Fe 62%) index rose by INR 150/t ($2/t) w-o-w to INR 5,350/tonne (t) ($62/t) ex-mines on 26 July 2025. Odisha iron ore prices firm up this week, following the recent Odisha Mining Corporation (OMC) auction, where bids rose significantly amid sustained demand. Industry participants noted that the limited availability of material kept price tags on the higher side, with robust domestic and export demand supporting the bullish trend.

Outlook

Iron ore concentrate prices are expected to remain firm in the near term, supported by anticipated price hikes, limited availability due to monsoon-related production and logistical disruptions.