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India: Iron ore concentrate prices inch up in recent trade

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Concentrates

BigMint Bureau

46 Reads

5 Feb 2025, 18:24 IST

India: Iron ore concentrate prices inch up in recent trade

Trades conclude at higher offers

Market awaits NMDC price revision

This week, iron ore concentrate prices in Jabalpur, central India, saw an uptick, driven by deals concluding at higher offers from certain sellers. Positive sentiments from the pellet and Odisha iron ore market, also supported the price rise, sources told BigMint.

BigMint's bi-weekly iron ore concentrate index stood at INR 4,650/tonne (t) ($53/t) exw-Jabalpur, up by INR 50t ($1/t) from the previous assessment on 1 February 2025.

Moreover, the market is keenly awaiting NMDC's iron ore price revision, sources informed BigMint.

Rationale:

One (1) trade of 40,000 t was recorded in this publishing window and was considered under T1 trade, and hence, was accorded 50% weightage.

Six (9) offers and indicative prices were reported, and all were taken into consideration as T2 trades, which received 50% weightage.

Meanwhile, pellet prices in Raipur have remained steady in recent days following the Union Budget. However, a price hike by local pellet manufacturers last week has led to a slowdown in trading activity. Steelmakers are now prioritizing immediate purchases over bulk transactions. BigMint's bi-weekly domestic pellet (Fe 63%) index held firm at INR 9,900/t ($113/t) DAP Raipur on 4 February 2025, unchanged from the previous assessment on 31 January.

Odisha's iron ore market also saw stable prices, with moderate trading activity. Buyers primarily engaged in need-based purchases, holding off on bulk deals as they awaited clarity from the Union Budget. BigMint's Odisha iron ore fines (Fe 62%) index remained unchanged week-on-week at INR 4,900/t ($56/t) ex-mines on 1 February 2025. Miners are expected to review pricing next week in response to the Budget's outcome.

Outlook

The market is expected to remain volatile, with limited transactions due to bid-offer mismatches. However, market clarity is likely to improve following NMDC's upcoming iron ore price revision, according to industry sources.