This section analyzes the structure and function of the iron ore market. This market has traditionally operated through tests pricing mechanism, in which the big steel mills in Japan (currently in China) benchmark price negotiations with the largest of the three largest iron ore producers (Vale do Rio Doce). However, the market is rapidly changing, with the rise of China as a major consumer of iron ore rules seem to be changing. The note addresses the growing importance of the spot market iron ore, and the advantages and disadvantages of non-price indicators for both consumers and miners. «Hide
by Aldo Musacchio, Tarun Khanna, Jenna Bernhardson 6 pages. Publication Date: January 4, 2010. Prod. #: 710049-PDF-ENG
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