India: Odisha iron ore fines index remain firm after miners float fresh offers

• Active trading seen in eastern India
• Bulk deals of high-grade fines concluded by miners

Iron ore prices in Odisha remained steady this week after major merchant miners released their fresh offers for FY’26 after receiving news ECs. The new offers were marginally higher than the previous closing, supported by sustained demand in the market.

BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,200/t ($62/t) ex-mines on 12 April. Around 265,000 t of iron ore fines (Fe 62-65%) deals were concluded in Odisha. Notably, deals for around 680,000 t of iron ore (fines and lumps) were recorded from Odisha this week.

Buyers responded selectively, booking quantities to fulfil immediate requirements. However, a few bulk orders were also observed, indicating confidence in current price levels. A leading miner in the region commented: “We have seen decent inquiries since the release of our new offers. Buyers are actively inquiring at fresh offers, and we have sold material in the past few days.”

Another miner added, “Despite slightly higher offers, demand remains intact. Buyers are aligning purchases with market trends.”

Meanwhile, a segment of the market is holding back purchases in expectation of the upcoming OMC auction, which is likely to be held next week. A buyer informed, “We are waiting for OMC’s auction to get a better understanding of the price direction before making bulk purchases.”

Market participants suggested that post-auction, price clarity will improve, and spot activity could pick up accordingly. The overall sentiment remains cautiously optimistic as the new fiscal year begins.

Factors affecting iron ore prices

• Pellet offers stable w-o-w: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil remained stable w-o-w at INR 8,500/t ($99/t) loaded to wagon. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur were also range-bound w-o-w at INR 9,500/t ($111/t) exw on 11 April.
• Sponge iron prices firm w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela remained largely stable w-o-w at INR 27,700/t ($322/t) on 12 April. Meanwhile, steel billet (100*100 mm) offers in Rourkela inched down by INR 200/t ($2/t) w-o-w tat INR 40,900/t ($479/t) today.

Rationale

• T1- Five (5) deals of Fe62% fines was recorded in the publishing window, and three (3) were considered for price computation and given a 50% weightage for index calculation.
• T2 – BigMint received eighteen (18) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Thirteen (13) were taken into consideration and given a 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.

Outlook

According to BigMint’s analysis, iron ore prices will remain firm in the Odisha region in the near term, while trading activity is expected to be more aggressive. However, upcoming OMC auction is expected to provide better price clarity.