India: Iron ore concentrate prices range-bound, trades yet to pick up

Iron ore concentrate prices in Jabalpur, central India, remained range-bound this week. SteelMint's assessment for Fe63% concentrate prices currently stands at around INR 4,200-4,300/tonne (t) exw, range-bound as against the last assessment on 7 January.

However, trades are yet to pick up as no active deals were reported this week as against 102,000 t recorded on 7 January.

Factors supporting iron ore concentrate prices

• Stability in pellet prices: SteelMint's bi-weekly domestic pellets (Fe 63%) index, PELLEX, stood at INR 9,700/t DAP Raipur, a marginal decrease of INR 25/t on 10 January, 2023.
  
  
• Odisha iron ore prices rise to over 7-month high: SteelMint's weekly Odisha iron ore fines (Fe 62%) index increased by INR 350/t to INR 4,850/tonne (t) ex-mines (including royalty, DMF, and NMET). The index rose to over a seven-month high with similar price levels last seen in mid-May 2022. The majority of merchant miners raised offers on tight availability and hike in pellets offers.
  
  

Outlook

Iron ore concentrate prices are less likely to fall in the near term owing to supportive iron ore market sentiments, SteelMint understands. However, buying interest at current offers could be a deciding factor.