Our present work deals with structural and morphological behaviors for different hematite pellets [P1(acid pellet): 2% bentonite +ore, P2(flux pellet): 1% bentonite + 1% CaO + 1% MgO + ore and P3(flux pellet): 0.5% bentonite + 1% CaO + 1% MgO + ore) studied by x-ray diffraction (XRD), optical microscopy, scanning electron microscopy with energy dispersive x-ray spectroscopy (SEM-EDS) at different drying (room temperature, 383,453,523 and 623 K) and induration temperatures (1423,1523,1553 and 1573 K). Differential scanning calorimetric (DSC), followed by XRD study confirms goethite to hematite transition temperature and enthalpy change of crystal water removal. Deformation percentages with different CCS (Cold crushing strength) and DCS (Dry compression strength) values vs. induration temperatures are analyzed. Effects of surface area on CCS values are compared for four different particle sizes. P3 flux pellet indured at 1553 K reaches optimum level from structural, deformational and physicochemical point of view.