India: Odisha iron ore prices rise INR 100/t w-o-w in recent trades

• Limited iron ore offers from miners push up prices
• Weak sponge iron, semis markets weigh on trading

Iron ore prices in Odisha firmed up this week, though the market witnessed limited trading activity amid weak sentiment in the semi-finished and sponge iron segments. Miners continued dispatches for previously concluded deals, while fresh offers in the market were restricted to low volumes.

Price update

BigMint’s Odisha iron ore fines (Fe 62%) index increased INR 100/tonne (t) w-o-w to INR 5,400/t ($61/t) ex-mines on 8 November 2025. Some trades for Fe 62% fines were concluded at INR 5,500/t amid a shortage of higher-grade material and a lack of offers. BigMint recorded deals for around 140,000 t of iron ore this week, concluded directly by steelmakers.

Market highlights

Market participants highlighted that buying activity remained sluggish due to muted inquiries and a lack of aggressive offers from miners. “Most buyers are holding off on purchases as they expect more clarity on prices in the coming weeks. With the sponge iron and billet markets under continuous pressure, overall raw material buying sentiment has turned cautious,” a market participant stated.

Sources noted that the continuous downtrend in sponge iron and semi-finished steel prices has restrained buyers from committing to new deals. “Buyers are waiting for the upcoming OMC auction to assess price trends and procurement strategies,” sources said.

Miners, on the other hand, are taking a cautious approach and offering limited quantities in the open market. A prominent miner stated, “We are not pushing large volumes as the buying interest is low. The focus remains on completing old deliveries.”

Market participants also pointed out that a few private miners have scheduled fresh e-auctions next week, which could provide some buying opportunities for traders and sponge iron producers.

However, sentiments are likely to remain subdued until price clarity emerges following OMC’s November auction.

Most participants expect need-based procurement to continue until there is a notable improvement in sponge iron and semi-finished steel prices, which could revive market activity.

Factors affecting iron ore prices

Pellet prices stable w-o-w: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil fell by a minor INR 50/t w-o-w to INR 8,550/t ($96/t) loaded to wagon. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur were largely stable w-o-w at INR 9,550/t ($107/t) exw on 7 November.

Sponge iron prices fall w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela decreased by INR 500/t ($5-6/t) w-o-w to INR 24,200/t ($277/t) on 8 November.

Billet prices drop w-o-w: Meanwhile, steel billet (100*100 mm) prices in Rourkela dropped by INR 450/t ($4/t) w-o-w to INR 34,300/t ($390/t) today.

Rationale

• T1- Three (3) deals for Fe 62% fines were recorded in the publishing window and considered for price computation. These were given 50% weightage for index calculation.
• T2 – BigMint received fifteen (15) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Twelve (12) were taken into consideration and given 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.

Outlook

BigMint’s analysis indicates that due to the prevailing weak outlook in the downstream market, iron ore prices in Odisha are expected to remain range-bound in the near term.