India: Lloyds raises iron ore offers by INR 400-500/t ($4-5/t) in Chandrapur, Maharashtra

• Domestic steel price uptrend prompts iron ore hike
• NMDC also increases iron ore prices by INR 450-550/t

Lloyds Metals and Energy has raised its prices for iron ore fines, lumps, and pellets in Chandrapur by INR 400-500/t. Iron ore fines (Fe 63%) increased by INR 400/tonne (t) ($4/t) w-o-w to INR 6,600/t ($71/t) FOR Balharshah as of 5 Apr’26. Lump offers rose by around INR 500/t ($5/t) to INR 9,885/t ($106/t) FOR Chandrapur, while pellet prices were also hiked by INR 500/t ($5/t) to INR 11,835/t ($127/t) exw. The revision reflects improving domestic fundamentals, supported by firm steel prices and stronger sponge iron demand, along with the recent hike in NMDC’s iron ore prices for April delivery from Chhattisgarh.

The company’s robust operational performance further backs the price strength. Lloyds reported iron ore output of 21.96 million tonnes (mnt) in FY’26, up 119% y-o-y. Notably, production in Q4FY’26 surged to 9.1 mnt compared to 1.4 mnt in the same period last year, indicating a significant ramp-up in mining activity.

Pellet output stood at 3.03 mnt in FY’26, highlighting increased value addition and improved integration across operations.

Notably, Lloyds has set an iron ore production target of 26 mnt for FY’27, supported by enhanced environmental clearance limits.

Factors supporting price hikes

• NMDC raises iron ore prices for April: NMDC announced its list prices of iron ore calibrated lump ore (CLO) and fines on 5 April 2026, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 5,900/t ($63/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,500/t ($48/t). Prices of all grades were raised by INR 450-550/t. Prices are on FOR basis from the miner’s Bacheli complex and exclude royalty, DMF, and NMEDT.
• Sponge iron, billet prices rise: Downstream indicators remained strong, with sponge iron (PDRI) prices in Hyderabad rising sharply by INR 1,300/t ($14/t) m-o-m to INR 28,300/t ($304/t) exw in March 2026 amid firm demand at the end of the fiscal year. Meanwhile, billet prices surged by INR 700/t ($8/t) to INR 41,600/t ($447/t), reflecting improved momentum across the steel market.
• Finished steel prices increase m-o-m: In March 2026, India’s IF-route rebar prices rose by INR 900-4,200/t across regions, with Ahmedabad recording a sharp surge of INR 4,200/t. The market stayed firm due to the ongoing Middle East conflict, which caused raw material supply constraints. Steady bookings, lower inventories, and strengthening raw material prices supported the uptrend, prompting manufacturers to raise offers.