Keywords: global pricing, iron ore pricing, commodity pricing, price discovery, pricing dynamics, benchmark pricing, spot pricing, exchange traded systems, financial markets
Comprehending the changing global iron ore trade service system and the dynamics of pricing
Iron is one of the most important metals serving human civilisations right from the Iron Age. The authors in this article attempt to understand the evolution of iron ore pricing over the last century and further figure out the likely dynamics of iron ore pricing. Based on a semi structured questionnaire, in–depth interview of experts were administered to get the answers to the research questions. The article describes the various aspects on benchmark pricing (annual and quarterly systems), spot pricing, exchange traded system and finally the promise of the paper financial market.