India: Iron ore concentrate prices stay firm w-o-w amid supportive market sentiments

• Production drops amid expiry of ECs for some mines
• Market awaits NMDC, OMC price revision post Holi

Iron ore concentrate prices in India’s Jabalpur remained stable w-o-w. Supportive sentiments in the pellet and Odisha iron ore markets helped prop up concentrate prices. However, volatility in steel and sponge iron market sentiments continued to raise concern.

BigMint’s weekly iron ore concentrate index was assessed at around INR 4,700/tonne (t) ($54/t) exw-Jabalpur, stable against the previous assessment on 8 March 2025.

Meanwhile, the market awaits the price announcement of the Odisha Mining Corporation (OMC), which is expected to provide greater clarity on future dynamics. Moreover, the National Mineral Development Corporation (NMDC) is yet to announce its iron ore prices, sources informed BigMint.

“There have been no major changes in offers for now. As the year comes to a close, the focus remains on completing previous orders, with only a few small-volume deals finalised,” noted a Jabalpur-based seller.

Another seller from the region said, “Prices are likely to remain supported, as the expiry of environmental clearances (EC) for certain iron ore mines has resulted in a raw material shortage, leading to lower concentrate production levels.”

Rationale

• Two (2) trades were recorded in the publishing window, and both were taken into consideration, receiving 50% weightage
• Eight (8) offers and indicative prices were reported, of which six (6) were taken into consideration as T2 trades, which received the balance 50% weightage.

Meanwhile, pellet prices in Raipur remained largely stable w-o-w, with buyers staying cautious and refraining from bulk purchases. Market participants put up limited inquiries, as most buyers adopted a wait-and-watch approach. Pellet producers, on the other hand, kept their offers unchanged, reflecting the overall subdued market sentiment. BigMint’s bi-weekly domestic pellet (Fe 63%) index remained stable at INR 9,850/t ($113/t) DAP Raipur on 11 March 2025 compared to the previous assessment on 7 March.

On the other hand, Odisha’s iron ore market also remained firm this week, as supply constraints continued to influence price dynamics. Market participants reported that uncertainty prevailed regarding price trends, with limited material availability in key mining regions. BigMint’s Odisha iron ore fines (Fe 62%) index increased by INR 50/t ($1/t) w-o-w to INR 5,100/t ($58/t) ex-mines on 8 March.

Outlook

Market participants are keeping a close watch on the steel, iron ore, and pellet markets, anticipating price stabilisation or an uptick that could boost overall sentiment. Until then, volatility is expected to persist, with limited transactions occurring as the fiscal year draws to a close. However, clarity on the market outlook is likely to emerge following the iron ore price announcements from OMC and NMDC post Holi, according to industry sources.