Subscribe to RSS feedBroker predicts demise of iron ore benchmarking
Annual iron ore price negotiations will not survive beyond 2010, as steel producers shift from long-term contracts with miners to buying the commodity on the spot market, according to London freight derivatives broker Freight Investor Services (FIS).
New mark: Annual price negotiations expected to be unloaded from next year (Photo: Southern Cross Maritime)
The widely held view that the 40-year-old benchmark pricing system is no longer relevant reflects developments in the coal market at the start of the decade, when miners shifted from long-term contracts to the spot market, FIS managing director John...
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