India: Iron ore concentrate prices remain steady despite absence of trades

• Positive sentiment, tight high-grade supply lead to firm offers
  
  
• Rising sponge iron, finished steel prices help keep prices stable
  
  

Iron ore concentrate prices in Jabalpur, India, remained firm w-o-w on 3 February 2026. As per BigMint's latest bi-weekly assessment, Fe 62% prices held steady at INR 5,300/tonne (t) ($58/t) ex-works, unchanged since 28 February and on w-o-w basis. Despite nil trade activity, the market continued to draw strength from sustained regional demand and prevailing positive sentiment, preventing any downward correction in offers.

Higher-grade Fe 63% concentrate was heard at INR 5,600-5,750/t ($61-62/t) ex-works. Although no fresh deals were concluded during the week, acute availability constraints for high-grade material kept sellers confident and supported prices. Producers focused on clearing previously booked volumes, with several earlier orders still awaiting dispatch. Market participants indicated that only after fulfilling these commitments will suppliers re-enter the market with revised price indications.

The firmness in concentrate prices was also supported by a recent uptick in finished steel and sponge iron rates, coupled with tight raw material availability across the region. Strengthening steel fundamentals reinforced expectations of sustained support for upstream inputs.

Reflecting on the evolving scenario, a Jabalpur-based seller noted, "While earlier discussions hinted at potential price softening, the geopolitical tensions surrounding the US-Iran conflict have altered sentiment. Rising steel prices in response to global uncertainty are now expected to lend support to raw material markets as well."

Conversely, a local trader highlighted that prevailing price levels appear elevated, prompting buyers to adopt a cautious stance and defer fresh procurement for the time being.

Rationale

• Zero (0) trade was recorded in this publishing window, and thus, this category was not taken into consideration, receiving a 0% weightage.
  
  
• Ten (10) offers and indicative prices were heard, and seven (7) were taken into consideration as T2 trades, receiving 100% weightage.
  
  

Factors supporting prices

• Odisha iron ore prices remain stable w-o-w: BigMint's Odisha iron ore fines (Fe 62%) index held steady w-o-w at INR 5,800/t ($64/t) ex-mines as of Saturday, 28 February. The regional market maintained a firm tone throughout the week, backed by active transactions in both direct sales and auctions conducted by private miners. Trading momentum improved as steelmakers and traders stepped up procurement for March dispatches. Additionally, the approaching expiry of environmental clearance (EC) limits for key mining operations added urgency to bookings, further supporting price stability across the state.
  
  
• Raipur pellet offers rise by INR 200/t ($2/t): Raipur-based pellet producers hiked their offers for 62.5/63% (+/-0.5%) material by INR 200/t ($2/t) to INR 10,600-10,700/t ($115-116/t) exw recently. This was due to a sharp hike in sponge and billet prices of around INR 600-1,000/t w-o-w yesterday. However, buyers remained cautious, limiting purchases to urgent requirements while seeking clarity on the sustainability of the price surge.
  
  
• Sponge PDRI prices rise INR 800/t ($9/t) w-o-w: Sponge PDRI prices in Raipur rose by INR 800/t ($9/t) w-o-w to INR 27,300/t ($296/t), reflecting a sharp uptick in offers. The rise was driven by prevailing global uncertainties, prompting sellers to push prices higher. However, buying activity was measured and need-based. Mills were cautious, restricting purchases to immediate requirements while awaiting clearer signals on market direction and the durability of the recent price spike.
  
  

Outlook

Iron ore concentrate prices in the region are likely to remain largely steady, with a slight upward bias amid ongoing geopolitical tensions that have strengthened overall market sentiment. However, any correction in downstream steel prices could exert downward pressure on raw material rates. That said, if supply tightness persists across the region, concentrate prices are likely to remain firm and well supported in the near term.