- Indian sellers keep offers firm amid tight supply
- Rising supply, cautious sentiment caps price upside
India’s iron ore fines export market remained firm during the week ended 14 May 2026, supported by improved restocking interest from Chinese buyers. However, trading activity remained limited amid cautious sentiment. Although prices remained stable w-o-w, they softened marginally towards the end of the assessment period amid rising supply.
Prices, deals
BigMint’s bi-weekly Indian low-grade iron ore fines (Fe 57%) export index remained stable w-o-w at $65/t FOB east coast on Thursday, 14 May 2026. Meanwhile, prices of Indian-origin iron ore stood at $80/t CFR China, with vessel freight rates edging up by $1/t w-o-w.
No fresh export deals were heard during the assessment window, although market enquiries continued for Fe 57% fines amid steady overseas prices.
According to market participants, discounts for Fe 57% fines widened to around 22-24% against the global fines index. Sellers, however, largely maintained offers due to the limited spot availability of Fe 57% cargoes in the market.
Market scenario
India’s iron ore fines export market sentiment remained slightly optimistic amid steady global iron ore prices and improving overseas market cues. As per a trader, “The market tone improved slightly compared to the previous week as stronger seaborne iron ore prices offered support to seller expectations.” BigMint learnt that the availability of Fe 57% cargoes remained relatively tight, which helped sellers maintain firm offers despite weaker trade liquidity.
Most participants adopted a wait-and-watch approach amid widening discounts and uneven demand across grades. Some market participants indicated that buying interest was particularly for mid-grade cargoes, supported by firm Chinese benchmark prices and expectations of continued restocking activity. Sources also indicated that a recent tender for low-grade cargoes did not attract sufficient buying participation, underlining cautious sentiment.
Participants expect market activity to gradually pick up in the coming days if Chinese buying interest improves further, though rising supply may continue to cap any sharp upside in prices.
Chinese iron ore fines prices stable w-o-w: The benchmark iron ore fines Fe 61% index held firm w-o-w at $112/dmt CFR China on 13 May. Prices remained stable, as eased import curbs on Australian ore lifted inquiries, while buyers increasingly avoided high-phosphorus fines. Import margins narrowed as discounts adjusted, though some advantage persisted. The market was supported by improved ferrous sentiment and pre-holiday restocking ahead of Labour Day, though tight mill margins continued to cap demand for higher-grade products.
DCE iron ore futures remain firm w-o-w: Iron ore futures on the Dalian Commodity Exchange (DCE) for the September 2026 contract were largely stable w-o-w at RMB 815/t ($120/t) on 14 May.
Rationale
- Zero deals for Fe 57% were recorded during this publishing window. Therefore, T1 trade was given 0% weightage in the index calculation. For the detailed methodology, click here.
- BigMint received fifteen (15) indicative prices in the current publishing window, and eleven (11) were considered for price calculation as T2 inputs and given the rest 50% weightage.
Outlook
BigMint expects iron ore export prices to remain largely stable w-o-w. Some deals are expected to be closed in the coming days, which will keep the market active next week.
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