- Miners drops the offers in recent deals
- Rebar prices drop INR 2500/t m-o-m
BigMint’s Odisha iron ore fines (Fe 62%) index decreased by INR 150/t w-o-w to INR 4,950/t ($52/t) ex-mines on 13 June 2026. Iron ore prices in the Odisha market have witnessed a decline of INR 100-200/t across the grades over the past week, driven by persistent weakness in the downstream steel sector and subdued buying activity from steelmakers.
Market participants noted that the correction reflects the growing pressure on raw material demand as finished steel prices continue to soften.
Despite the bearish sentiment, pre-monsoon restocking activity continues to provide some support to market liquidity. BigMint recorded approximately 800,000 t of iron ore transactions during the week, indicating that steel producers are still securing material to maintain operational requirements ahead of the rainy season.
Rationale
- T1- Five (5) deals for Fe 62% fines were recorded in the publishing window, and four(4) were considered for price computation. This was given 50% weightage for index calculation.
- T2 – BigMint received seventeen (17) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Fifteen (15) were taken into consideration and given 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.
Market highlights:
According to steelmakers, rising inventories of finished steel products have adversely impacted market liquidity, forcing producers to adopt a cautious procurement strategy. A steel producer said, “Steel inventories have accumulated significantly in recent weeks, and current finished steel prices do not support aggressive raw material purchases.”
Miners have also responded to the changing market dynamics by lowering their iron ore offers after witnessing limited buying interest at previous price levels. Sources indicated that a couple of miners recently concluded bulk transactions for mid- to high-grade iron ore fines at reduced prices, further influencing market sentiment.
Meanwhile, several buyers remain on the sidelines, anticipating better purchasing opportunities in the upcoming Odisha Mining Corporation (OMC) auction. A trader commented, “Many consumers are waiting for the next OMC auction before committing to large-volume purchases, as they expect some correction in ore prices.”
Market sources further reported that a few recent iron ore auctions in Odisha received a lukewarm response due to elevated reserve prices and weak overall market conditions. With OMC likely to schedule its June auction next week, participants are expecting a softer pricing trend.
Factors affecting iron ore prices
Pellet prices stable w-o-w: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil remained stable at w-o-w to INR 8,100/t ($85/t) loaded to wagon on 12 June. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur increased by INR 200/t to INR 8,900/t ($94/t) exw.
Sponge iron showed decline w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela fell by INR 200/t ($2/t) w-o-w to INR 25,300/t ($26/6t) on 13 June.
Billet prices edged down w-o-w: Meanwhile, steel billet (100*100 mm) prices in Rourkela decline by INR 100/t ($1/t) w-o-w to INR 38,400/t ($404/t) on 13 June.
Rebar prices sharply decline m-o-m: Rebar (12-25mm, IF Route, Fe 500, IS 1786) prices fell by INR 2,500/t ($26/t) m-o-m to INR 42,000/t ($441/t) exw Rourkela on 13 June.
Outlook
As per BigMint’s analysis, the Odisha iron ore market remains cautious, with buyers closely monitoring upcoming auction outcomes and downstream steel market developments before making bulk procurement decisions.
Looking ahead, market participants believe iron ore prices may remain under pressure in the near term. Market player expected, “Weakness in sponge iron, billet, and finished steel prices continues to weigh on raw material demand. Unless steel market fundamentals improve, iron ore prices are likely to stay on the softer side.”
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