Weekly round-up: Iron ore, scrap, ferro alloys and steel prices strengthen w-o-w

• Raw material prices firm, supply tightness supports steelmaking costs
• Finished steel prices rise on stronger demand and limited availability
  

Iron ore, scrap, ferro alloys and steel prices strengthened this week, supported by tight supply, higher input costs, improving demand and low inventories.

Iron ore and pellet

• India’s largest merchant iron ore mining company, NMDC, has lifted prices of iron ore CLO (calibrated lump ore) by INR 250/t and fines unchanged on 9 September 2026, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 6,000/t ($63/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,500/t ($47/t). Prices are on FOR basis from the miner’s Bacheli complex and exclude royalty, DMF, and NMEDT.
• Rungta Sons Private Limited emerged as the preferred bidder for Odisha’s Jaldihi-Tantigram Iron Ore and Aluminous Laterite Block with a final premium of 131.25%. Located in Sundergarh’s Bonai-Kendujhar belt, the 177.31-hectare block has 51.47 mnt of inferred iron ore resources averaging 54.21% Fe, along with 11.91 mnt of reconnaissance resources and 0.11 mnt of aluminous laterite. Despite the high premium, long-term ore security, reduced procurement and logistics risks, and supply-chain integration could support the block’s economics.
• Around 400,000 t of iron ore was booked in Karnataka auctions on 11 September. At NMDC Donimalai, 32,000 t of Fe 58% fines sold at INR 2,894/t ($30/t), INR 40/t ($0.4/t) above the INR 2,854/t ($30/t) base, while 10-40 mm, Fe 54% lumps sold at the INR 2,239/t ($23/t) base. At Kumaraswamy, 136,000 t of Fe 59.62-62.53% fines sold at INR 3,068-5,524/t ($32-58/t), INR 40-1,930/t ($0.4-20/t) above INR 3,028-3,594/t ($32-38/t) base prices, while 124,000 t of 10-40 mm, Fe 60.27-61.50% lumps sold at INR 4,204-6,155/t ($44-64/t), INR 470-2,130/t ($5-22/t) above INR 3,734-4,025/t ($39-42/t). R Praveen Chandra sold 7,700 t of 6-30 mm, Fe 59.5% lumps at the INR 5,800/t ($61/t) base price. Donimalai and Kumaraswamy prices exclude royalty, DMF and NMET, while R Praveen Chandra’s price is inclusive.
• India’s low-grade iron ore fines (Fe 57%) export prices increased by $1/t w-o-w to $58.5/t FOB east coast in the week ended 10 September 2026, equivalent to around $73.5/t CFR China, supported by firmer global iron ore benchmarks. However, subdued buying interest continued to limit the upside. The spread between domestic and export realisations widened to around INR 374/t ($3.9/t), as domestic prices increased by INR 150/t to INR 3,550/t ($37.1/t), while export realisations stood at around INR 3,176/t ($33.2/t).

Ferrous scrap

• India: Imported containerised scrap market remained firm through the week, initially supported by fresh buying interest, competitive African cargoes and expectations of stronger post-monsoon demand. Brazilian and New Zealand HMS 80:20 traded around $365/t CFR Chennai, while West African material was booked near $370/t. Restocking demand and stronger finished and semi-finished steel sales provided additional support.
• Market activity slowed mid-week as finished steel sales and mill inquiries weakened, but sentiment strengthened again towards the weekend on firmer TMT rebar and finished steel demand. Domestic rebar prices also increased, supporting scrap procurement ahead of the post-monsoon and festive season. Chennai remained weaker than Nhava Sheva and Mundra, with HMS 80:20 around $360/t CFR, while a Brazil-origin cargo was heard booked at $370-375/t CFR Chennai.
  Over the last seven days, around 10,000-12,000 t of imported ferrous scrap bookings were tracked in India, including 5,000-6,000 t of HMS 80:20, while rest were busheling, turning borings and bundles were also booked.

Coal

• South African thermal coal prices at Indian ports rose sharply w-o-w as of 11 September, supported by tight supply, higher global energy costs and firm steel demand. RB2 (5,500 NAR) increased INR 500/t to INR 13,200/t at Paradip, while RB3 rose INR 850/t to INR 11,550/t. Despite active enquiries, buyers remained cautious at elevated levels.
• Higher replacement costs support prices: Offers firmed across Indian ports, with no deals reported at current levels. CNF Gangavaram RB2 rose to $129-130/t in September, highlighting sharply higher import replacement costs.
  Lower imports and domestic supply constraints tightened availability, keeping South African coal prices firm despite weaker Indian demand. However, consistent demand from other destinations continued to support prices and limit downside pressure on South African cargoes.
• Indian washed coal prices continued to strengthen in the assessment week ended 9 September, with 38-39% FC (5,000 GCV) washed coal FOR Raipur rising INR 200/t w-o-w to INR 8,300/t. Higher ROM costs and constrained production continued to support seller offers, while downstream buying remained selective. Domestic non-coking coal prices also increased, with 5,000 GCV coal reaching INR 8,000/t, up INR 100/t, and 4,500 GCV coal rising to INR 5,900/t, also up INR 100/t.
• ROM availability remained a key constraint for washeries, keeping replacement costs elevated. Higher domestic coal prices continued to raise feedstock costs, while limited production restricted availability of washed coal. Sellers therefore remained firm and continued to prioritise existing commitments over aggressive fresh bookings.
  The latest increase in domestic coal prices added further support to washed coal values, despite relatively cautious demand from buyers.
• BigMint’s premium hard coking coal (PHCC) index was assessed at $306/t CNF Paradip, India, on 11 September, up by $7/t w-o-w. The index has continued its rally for yet another week amidst global cues.
  India’s met coke market continued its sharp uptrend in the week ended 10 September, driven by tight availability, higher coking coal costs and elevated import replacement costs. BF-grade coke rose INR 1,500/t to INR 41,500/t ex-Jajpur, while western India gained INR 3,000/t to INR 38,000/t ex-Gandhidham, both near 3.5-year highs.
• Limited spot availability and low producer inventories strengthened buyers’ urgency to secure material, with market participants indicating that the market remained extremely tight and purchases increasingly being made to cover immediate requirements rather than for inventory building.
• Merchant met coke production fell 30% y-o-y to 2.5 mnt during January-August 2026, further tightening domestic supply. Imported Indonesian BF-grade coke (65/63 CSR) also rose $4/t w-o-w to $361/t CFR India, amid higher FOB prices, freight and limited vessel availability.
• India’s imported met coke market strengthened further, with Indonesian BF-grade met coke (65/63 CSR) rising by $4/t w-o-w to around $361/t CFR India.

Ferro alloys

• Silico manganese: Silico manganese prices increased by INR 1,600/t ($17/t) to INR 76,200-76,900/t ($807-814/t) across key regions this week. Export offers for 65-16 grade also rose by $11/t to $926/t FOB Vizag/Haldia.
• The domestic market continued its upward trend, driven mainly by tight material availability across key regions. Spot liquidity remained limited, with several producers having already committed a significant share of their output. This allowed sellers to hold firmer offers despite selective buying interest, keeping prices supported.
• Ferro manganese: Ferro manganese prices rose by around INR 600/t ($6/t) w-o-w to INR 80,600/t ($846/t) exw in Durgapur and by INR 800/t ($8/t) to INR 80,800/t ($856/t) exw in Raipur. Prices rose on limited availability, firm input costs, and improved buying interest, as producers maintained offers amid tighter spot supplies and expectations of stronger near-term demand.
• Ferro silicon: Ferro silicon prices edged down by INR 600/t ($6/t) w-o-w at INR 88,700/t ($939/t) in Guwahati and INR 87,800/t ($930/t) in Bhutan, up by INR 700/t ($7/t). Market sentiment remained mixed, supported by steady Bhutanese prices, higher input costs in northeast India, and improved export inquiries, while competitive domestic offers continued to limit any significant upward movement.
• Ferro chrome: Ferro chrome prices rose slightly by INR 200/t ($2/t) to INR 119,000/t ($1,260/t). Prices were stable following firm input costs especially of met coke. The sustained rise in met coke costs provided support to ferro-chrome prices by raising producers input and replacement costs.

Semi finished

• Billet
  Indian semi-finished steel prices increased sharply this week, with billet prices across major markets reaching their highest levels this year. Higher raw material prices raised the production cost, while increased bookings from neighbouring regions provided additional support to spot prices. As per BigMint’s assessment, domestic billet prices increased by INR 950-2,000/t ($10-21/t) w-o-w. The sharpest increases were recorded in Hyderabad, Raigarh, Raipur and Mumbai region, where prices rose by INR 1,650-2,000/t ($17-21/t) this week.
• Sponge iron
  Sponge iron prices increased by INR 300-1,200/t ($3-12/t) w-o-w across all major regions. The northern and southern markets recorded the sharpest increase of INR 1,100-1,200/t ($11-12/t). Market activity remained firm to moderate as rising coal prices continued to pushed up production costs, limiting scope for price reductions. Buyers maintained average booking volumes to replenish inventories and avoid potential supply shortages in the coming days.
  India’s DRI export market recorded a mixed trend across Nepal and Bangladesh amid varying domestic sponge iron prices and limited weekly buying interest. Pellet-based sponge iron offers to Nepal declined by $2/t w-o-w to $320/t CPT Raxaul, while CDRI/mix sponge iron offers increased by $4/t to $348/t CPT Raxaul. Offers to Bangladesh declined by $2/t to $358/t CPT Benapole.
• Pig iron
  NMDCs latest pig iron auction held on 11 September witnessed strong bidding, with the entire 7,000 t offered quantity booked at an average INR 40,100/t ex-works. The auction opened at INR 39,500/t, while bids were concluded in the range of INR 39,900-40,200/t. The average bid price rose by INR 1,600/t from the previous auction.

Finished long steel

• IF-rebar: Buying activity improved during the first half of the week as rising sponge iron, iron ore and coal prices pushed up finished steel costs, while expectations of further raw material price increases prompted buyers to procure material proactively. However, buying interest moderated in the later half of the week as buyers showed resistance to higher prices and adopted a wait-and-watch approach for further market clarity. Mill inventories declined to around 6-7 days, while order booking visibility remained limited at 3-5 days. The market is expected to remain positive, supported by firm input costs and buying interest. However, upcoming festivals may temporarily moderate trading activity.
  On a w-o-w basis, rebar prices increased by INR 600-2,500/t across key regions, with Hyderabad witnessing the steepest rise of INR 2,500/t, according to BigMint’s assessment.
• Trade reference prices of Fe 500-grade rebars manufactured via the IF route (10-25 mm size) were assessed at INR 45,700-46,100/t exw Raipur and INR 50,200-50,800/t exw Jalna.
• Trade reference prices of heavy structural steel for the base size 150 mm channel stood at INR 49,400-50,000/t exw Raipur.
• Trade reference prices of wire rod stood at INR 47,300-48,000/t exw Raipur.
• Blast Furnace-route rebar: Rebar sentiment remains bullish, supported by tight supply, low mill inventories, stronger project demand and rising input costs.
• Blast Furnace-route rebar: INR 59,000/t ex-Mumbai, up INR 1,700/t w-o-w.
• Project prices: INR 58,000-60,000/t landed, with booking activity improving.
• Mill inventory: Remains critically low, while distributor stocks are largely exhausted.
• Supply: Tight availability continues as some mills face production constraints and delayed deliveries.

Flat steel

• BigMint’s HRC benchmark assessment (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai increased by INR 700/t ($7/t) w-o-w to INR 62,700/t ($656/t) as on 11 September, from INR 62,000/t ($648/t) in the previous assessment.
• Likewise, the CRC benchmark assessment (IS513, Grade O, 0.9 mm/CTL) increased by INR 1,100/t ($11/t) w-o-w to INR 72,200/t ($754/t) as on 11 September, from INR 71,100/t ($743/t) in the previous assessment.
• India’s HRC prices increased w-o-w across key markets, supported by firmer mill indications and tight spot availability. Controlled mill dispatches continued to constrain trader-channel supplies. Demand remained stable-to-improving, with procurement largely requirement-based and buying sentiment gradually improving. Markets have seen easing panic, with participants increasingly accepting prevailing price levels amid expectations of further price hikes. However, working-capital constraints have led buyers to procure lower quantities at higher prices.