India: Iron ore concentrate prices remain firm, NMDC hike to support prices

• Low downstream demand caps market momentum
  
  
• Sellers likely to return with fresh offers soon
  
  

Iron ore concentrate prices in Jabalpur remained stable w-o-w as of 6 May 2026. As per BigMint's latest bi-weekly assessment, Fe 62% concentrate held at INR 5,250/t ($55/t) ex-works, unchanged since 2 May, with no fresh trades reported during the assessment period. Meanwhile, Fe 63% concentrate continued to be quoted at INR 5,500-5,700/t ($59-60/t).

Market sentiment remained subdued, with pressure stemming from declining pellet prices and softer iron ore prices in Odisha, alongside weak downstream steel demand. However, the recent iron ore price hike by NMDC is expected to lend some support going forward.

Trading activity was limited, as sellers focused on executing previously booked orders, restricting the availability of fresh offers. Additionally, a persistent bid-offer gap hindered deal closures.

Market participants indicated growing resistance from buyers despite stable pricing benchmarks. Sellers highlighted that even for low-alumina, washed material with lower impurities, buyers are seeking discounts of INR 300-400/t compared to prevailing price levels, with Jabalpur-origin material still priced competitively against Odisha supplies.

On the demand side, buyers reported comfortable inventory levels, reducing immediate procurement needs.

Rationale

• Zero (0) trade was recorded in this publishing window, and thus, this category was not taken into consideration, receiving a 0% weightage.
  
  
• Nine (9) offers and indicative prices were heard, and six (6) were taken into consideration as T2 trades, receiving 100% weightage.
  
  

Factors weighing on prices

• Odisha iron ore prices dip by INR 50/t ($0.5/t) w-o-w: BigMint's Odisha iron ore fines (Fe 62%) index edged down by INR 50/t ($0.5/t) w-o-w to INR 5,550/t ($59/t) ex-mines as of 2 May 2026. Prices remained under pressure during the week, mirroring the continued decline in pellet prices across central and eastern regions. The softness reflects subdued demand from the downstream steel sector and cautious purchasing activity among market participants.
  
  
• Raipur pellet offers fall by INR 350/t ($3.5/t) w-o-w: BigMint's PELLEX, the bi-weekly domestic pellet (Fe 63%) index for Raipur, fell by INR 350/t ($3.5/t) w-o-w to INR 10,050/t ($106/t) DAP. Market activity remained subdued during the assessment period, with limited trades reported and overall volumes staying thin, indicating continued cautious buying sentiment.
  
  

Factor which may support prices

• NMDC hikes iron ore price: India's largest merchant iron ore mining company, NMDC, announced its list prices of iron ore CLO (calibrated lump ore) and fines on 6 May, BigMint learnt from sources. The miner has fixed prices of DR CLO (10-40 mm, Fe 67%) at INR 6,150/t ($65/t) and of iron ore fines (-10 mm, Fe 64%) at INR 4,700/t ($49.5/t). Prices are on FOR basis from the miner's Bacheli complex and exclude royalty, DMF, and NMEDT. Prices of all grades increased in the range of INR 200-250/t.
  
  

Outlook

Iron ore concentrate prices in Jabalpur are expected to maintain a firm-to-positive trend in the coming week, primarily supported by the recent price revision announced by NMDC. The upward revision in iron ore prices is likely to provide a supportive cost push to concentrate offers. Additionally, market activity may witness some improvement as sellers, currently engaged in fulfilling earlier commitments, are expected to re-enter the market with fresh offers.