India: Odisha iron ore fines index rises marginally w-o-w in recent trades with fresh offers

• • OMC weighted average bids remain stable m-o-m

• • Miners keep fines offers stable post OMC auction

BigMint’s Odisha iron ore fines (Fe 62%) index increased by INR 50/t w-o-w at INR 4,950/t ($52/t) ex-mines on 25 July 2026.

The Odisha iron ore market remained firm during the week following the conclusion of the latest OMC auction, as miners rolled out fresh offers for new sales while market participants assessed procurement requirements. Trading activity was largely driven by auction purchases, with steelmakers adopting a cautious approach towards additional procurement from private miners.

Odisha iron ore dispatches have hit four-month low to 13.3 mnt in Jun’26. Offers for lower grade ore (Fe 57% and low) were seen limited in the merchant market in the last one month due to intensified checks

Auctions, deals:

BigMint recorded deals for around 562,000 t of iron ore outside of auctions, concluded by steelmakers via traders and miners.

OMC auctioned 0.883 mnt of iron ore lumps, with 0.727 mnt booked (82%), and 1.66 mnt of iron ore fines, with 1.524 mnt booked (92%), on 20 July. On a weighted average basis, bids for both lumps and fines remained stable m-o-m, with lumps attracting an average premium of INR 350/t and fines INR 100/t over the notified base prices.

Rationale:

• • T1- Five (5) deals for Fe 62% fines were recorded in the publishing window, and all were considered for price computation. This was given 50% weightage for index calculation.

• • T2 – BigMint received fourteen (14) offers and indicative prices under the T2 category (offers, indicative, and bids) in this publishing window. Twelve (12) were taken into consideration and given 50% weightage. To check BigMint’s iron ore assessment, pricing methodology, and specification document, click here.

Market highlights:

Offers for iron ore fines remained largely stable after the OMC auction, reflecting balanced market fundamentals and the absence of significant buying pressure in the spot market. However, sentiment in the lump segment improved, with a couple of private miners increasing their lump offers amid better enquiries and steady demand for higher-grade material.

Meanwhile, the market continued to witness limited availability of lower-grade iron ore. No fresh offers were recorded for lower-grade material in Odisha during the assessment period, primarily due to ongoing dispatch restrictions, which continued to constrain supply in the segment. The restricted availability kept market participants focused on medium- and higher-grade ore.

A steelmaker said that they had already secured bulk requirements through the recent OMC auction and was currently monitoring the spot market for immediate, need-based purchases from private miners. According to the participant, inventories remain comfortable for the time being, limiting aggressive buying interest despite the firm market sentiment.

A private miner commented, “Lump offers had been increased by INR 200/t, supported by healthy enquiries and improving acceptance from buyers. The miner added that a few decent transactions had already been concluded for 60% Fe and above material, indicating that buyers were willing to accept revised offers for quality ore despite cautious procurement strategies.”

Market participants noted that while auction procurement has temporarily reduced spot buying activity, fresh offers from private miners are expected to gradually attract demand as consumers replenish inventories based on production schedules. They also highlighted that supply constraints in lower-grade material continue to support the overall market.

Factors affecting iron ore prices:

Pellet prices rise w-o-w: 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 ($81/t) loaded to wagon on 24 July. Pellet (Fe 62.5%, 6-20 mm) prices in Durgapur increased by INR 50/t to INR 9,150/t ($94/t) exw.

Sponge iron surge w-o-w: According to BigMint’s assessment, sponge iron C-DRI (FeM 80%) prices in Rourkela rose by INR 400/t ($4/t) w-o-w to INR 25,000/t ($262/t) on 25 July.

Rebar prices stable m-o-m: Rebar (12-25mm, IF Route, Fe 500, IS 1786) prices remained stable w-o-w at INR 40,500/t ($425/t) exw Rourkela on 18 July.

Outlook:

BigMint analysis expects Odisha iron ore prices to remain stable in the near term. The steady demand, balanced supply conditions, and the likelihood of additional spot transactions from private miners will support prevailing price levels. However, the pace of deals over the coming days will remain a key indicator for any further movement in offers across both fines and lump segments.