Replies to post #4954 on The Rising Influence of Rising Affluence

[DewDiligence]

China’s iron-ore spot market begins operation:

http://articles.marketwatch.com/2012-05-09/industries/31640111_1_chemicals-importers-platform-baosteel

The world’s four largest iron ore suppliers — BHP Billiton, Rio Tinto, Vale SA, and Fortescue Metals Group — are participating. The platform also has 26 founding members, including steel makers such as Baosteel, Shougang, and Hebei Iron and Steel, and trading companies like China Minmetals, Sinosteel and Sinochem International.

The current spot price is about $145 per metric ton of 62% grade ore.

For companies such as CLF who aren’t directly participating in this trading, the spot price on this venue could nevertheless affect the pricing of some contracts with Asian customers.