- Traders’ cargo receive dull response from sea buyers
- A couple of miners concludes Fe 57% deals
India’s iron ore export prices remained largely range-bound this week as weakening global iron ore prices and sluggish trading activity continued to weigh on market sentiment.
Rationale
- Two deals for Fe 57% were recorded during this publishing window but not taken under prices calculation. Therefore, T1 trade was given 0% weightage in the index calculation. For the detailed methodology, click here.
- BigMint received twenty (20) indicative prices in the current publishing window, and twelve (12) were considered for price calculation as T2 inputs and given the rest 100% weightage.
Prices, deals
BigMint’s bi-weekly Indian low-grade iron ore fines (Fe 57%) export index dropped by $1/t w-o-w to $53.5/t FOB (equivalent to $69/t CFR China) east coast on Thursday, 11 June 2026.
Around 250,000 t iron ore fines export deals heard by BigMint in this publishing window.
Discounts for Indian Fe 57% fines were assessed at around 24-27%, while lower-grade Fe 55% fines were heard at 30-32% discount during the week.
Total iron ore and pellet inventories at 34 major Chinese ports stood at 158 mnt as of 10 Jun’26; rising 1 mnt w-o-w against 3rd June.
Market scenario
Market participants reported limited buying interest in the seaborne market, with exporters stating that overseas buyers are primarily inquiring about single-mine cargoes while trader-held cargoes are receiving a muted response. The lack of aggressive buying has kept export prices under pressure despite stable offer levels from some suppliers.
According to market sources, a couple of deals for east coast iron ore fines were concluded at discounts of around 24% to prevailing benchmark prices, highlighting the weak demand environment in the seaborne market.
An exporter noted, “The approaching monsoon season is adding further pressure on the market. Higher moisture content in stockpiles and port inventories during the rainy season could affect cargo quality and handling efficiency, prompting sellers to liquidate inventories before weather-related disruptions intensify.”
An international trader informed, “Demand for Indian iron ore fines in China remains subdued. Chinese steel mills are currently favoring higher-grade iron ore products as elevated coking coal prices are encouraging mills to maximize blast furnace efficiency and reduce overall steelmaking costs.”
Market participants further highlighted that a couple of miners had already concluded substantial export sales during May and are currently focused on executing shipments against previously booked contracts. As a result, fresh spot market activity has remained relatively limited.
Despite the current weakness, some exporters believe that FOB prices could find moderate support in the coming weeks if vessel freight rates continue to soften. Lower freight costs may improve the competitiveness of Indian iron ore cargoes in key export destinations.
Chinese iron ore fines prices fall w-o-w: The benchmark iron ore fines Fe 61% index dropped by $1/dmt w-o-w to $102/dmt CFR China on 10 June. Weak construction activity and sluggish end-user steel consumption weighed on finished steel prices, while reduced steelmaker profitability dampened expectations for iron ore demand. Market sentiment remained cautious amid seasonal demand weakness and expectations of higher seaborne supply, particularly from the ramp-up of the Simandou iron ore project.
DCE iron ore futures down w-o-w: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract decreased by RMB 7/t ($1/t) w-o-w to RMB 766/t ($113/t) on 11 June.
Outlook
BigMint expects Indian iron ore export prices to hover around current levels as weak Chinese demand, seasonal challenges, and cautious buying sentiment continue to dominate the market.
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