India: Odisha iron ore fines prices remain stable with bulk trades

• • Around 1.5 mnt trades by miners

• • Semi-finished prices drop INR 500-600/t w-o-w

BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w at INR 5,100/t ($53/t) ex-mines on 6 June 2026. Trading activity remained cautious following the recent Odisha Mining Corporation (OMC) auction, as buyers and sellers continued to assess post-auction price levels. While a few private miners revised offers downward in line with auction bids, several others were yet to announce fresh prices, resulting in mixed market signals.

Iron ore prices in the Odisha market remained largely stable this week, supported by steady trading activity and bulk procurement by several prominent miners ahead of the monsoon season. Market participants reported that approximately 1.419 million tonnes of iron ore were sold through direct sales during the first week of June, while recent auction volumes conducted by SAIL also received a satisfactory response from buyers.

Rationale:

• • T1- Eight (8) deals for Fe 62% fines were recorded in the publishing window, and six (6) were considered for price computation. This was given 50% weightage for index calculation.

• • T2 – BigMint received seventeen (17) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Eleven(11) were taken into consideration and given 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.

Market highlights:

According to miners, demand for iron ore has improved slightly as steelmakers and traders seek to secure inventories before the onset of the monsoon, which typically disrupts mining and transportation activities across the region. A major miner stated, “Active inquiries have been observed over the past week, resulting in several bulk transactions being concluded at prevailing market levels.”

However, sentiment among buyers remains cautious due to persistent weakness in the downstream steel market. Market buyer highlighted, “Liquidity conditions continue to be tight, while uncertainty over tradable iron ore price levels has limited aggressive purchasing activity.”

A steelmaker commented that weak finished steel prices and the continued decline in global iron ore fines prices have made procurement decisions increasingly challenging. He added, “There is still a lack of clarity regarding the direction of the market. Most buyers are assessing demand conditions before committing to large-volume purchases.”

Another buyer noted that several steel plants have already completed a portion of their monsoon stocking requirements and are currently operating in a wait-and-watch mode. As a result, fresh buying interest has become selective despite the ongoing pre-monsoon procurement season.

Meanwhile, large integrated steel producers continue to remain active in the market and are evaluating opportunities to procure material at competitive prices. Market sources indicated that despite their participation, overall steel demand has not shown significant improvement, with pre-monsoon steel sales remaining below expectations.

Factors affecting iron ore prices:

Pellet prices softening: Pellet (6-20 mm, Fe 62.5%) prices in Odisha’s Barbil rose by INR 100/t w-o-w to INR 8,100/t ($84/t) loaded to wagon on 5 June. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur fell by INR 50/t to INR 8,700/t ($91/t) exw.

Sponge iron showed decline w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela fell by INR 500/t ($5/t) w-o-w to INR 25,500/t ($269/t) on 6 June.

Billet prices edged down w-o-w: Meanwhile, steel billet (100*100 mm) prices in Rourkela decline by INR 600/t ($6/t) w-o-w to INR 38,500/t ($405/t) on 6 June.

Outlook:

As per BigMint’s analysis, Odisha iron ore prices are expected to remain largely stablein the near term. However, some participants anticipate further correction in prices following the upcoming Odisha Mining Corporation (OMC) auction, which is expected to be conducted in mid-June. The auction outcome is likely to provide clearer pricing signals and influence market sentiment in the coming weeks.