India: NMDC raises iron ore prices from Chhattisgarh mines by INR 450-550/t ($5-6/t) for April

• Prices of all grades rise for Apr’26 delivery
• Higher steel prices in FY26 end supports iron ore prices

India’s largest merchant iron ore mining company, NMDC, announced its list prices of iron ore CLO (calibrated lump ore) 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/tonne (t) ($63/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,500/t ($48/t). Prices are on FOR basis from the miner’s Bacheli complex and exclude royalty, DMF, and NMEDT. Prices of all grades were raised by INR 450-550/t.

Notably, in January 2026, NMDC shifted its pricing structure from an erstwhile tax-inclusive model to one that excludes royalty, DMF, and NMEDT charges.

As per market sources, the increase in NMDC iron ore prices was anticipated, driven by the recent rise in semi-finished and finished steel prices towards the end of FY26.

Notably, NMDC reported its highest ever yearly output, crossing the 50 mnt mark at 53.15 mnt; up by 20.6% against 44.07 mnt in FY’25. Monthly production in Mar’26 held firm m-o-m at 5.35 mnt against the year-ago period.

Iron ore sales of NMDC grew by 13.1% to 50.23 mnt in FY’26 against 44.4 mnt in FY’25. Meanwhile, monthly sales volumes in Mar’26 jumped 28.3% m-o-m to 5.9 mnt as against 4.6 mnt in the past month.

The production and sales figures also include data from Karnataka.

Market overview

• Bids rises in OMC March iron ore auction: In OMC’s iron ore fines auction for 2.04 mnt (Fe 51-65%) on 19 Mar’26, around 1.67 mnt (82%) were booked at INR 2,800-6,150/t, however, bids (weighted average) rose by INR 150/t m-o-m. Meanwhile, BigMint’s Odisha iron ore fines index (Fe 62%) dropped by INR 100/t m-o-m to INR 5,800/t in March, 2026. Downtrend sentiments are capping price hikes, as buyers stock up before the fiscal year-end. Some sellers were offering discounts to clear their FY inventory.
• PELLEX rises m-o-m tracking hike in iron ore offers: The monthly average domestic pellet index, PELLEX, surged by INR 400/t m-o-m in March to INR 10,850/t DAP Raipur. Pellet prices rose due to increased finished and semi-finished steel prices, with sellers maintaining higher offers in March to boost margins before the fiscal year-end.
• Finished steel prices increase m-o-m: In March 2026, India’s IF-route rebar market saw price rise by INR 900-4,200/t across regions, with Ahmedabad witnessing a sharp surge of INR 4,200/t. Market stayed firm due to the ongoing Middle East conflict, causing raw material supply constraints. Steady booking orders, lower inventories, and strengthening raw material prices supported the uptrend, prompting manufacturers to raise offers. Meanwhile, trade-level BF rebar prices increased by INR 1,100/t m-o-m to INR 59,800/t ($640/t) exy-Mumbai. However, higher prices led to subdued buying and participants adopting a cautious approach.
• Global uncertainties drive prices: Steel prices may see an upward revision due to rising imported coal prices and higher vessel freight in the seaborne market, driven by increasing oil prices amid recent geopolitical tensions in the Middle East. Brent crude oil futures soared over 7% above $109/t, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf.