Editing Iron ore (section)

===Iron ore market===
{{Anchor|Available iron ore resources}}
[[File:Iron ore prices.webp|thumb|Iron ore prices (monthly)
{{legend-line|#EE220C solid 3px|China import/inbound iron ore spot price<ref>{{cite web|url=https://www.indexmundi.com/commodities/?commodity=iron-ore&months=360 |title=Iron Ore - Monthly Price - Commodity Prices - Price Charts, Data, and News |publisher=IndexMundi |date= |accessdate=2022-08-05}}</ref>}}
{{legend-line|#61D836 solid 3px|Global iron ore price<ref>{{cite web|url=https://fred.stlouisfed.org/graph/?g=StR6 |title=Global price of Iron Ore &#124; FRED &#124; St. Louis Fed |publisher=Fred.stlouisfed.org |date= |accessdate=2022-08-05}}</ref>}}
]]
[[File:Iron Ore price.webp|thumb|Iron ore prices (daily)<br> 25 October 2010 - 4 August 2022]]
Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and [[Steelmaking|steelmakers]] which dominate both spot and contract markets. Until 2006, prices were determined in annual benchmark negotiations between the main iron ore producers ([[BHP]], [[Rio Tinto (corporation)|Rio Tinto]], and [[Vale (company)|Vale]]) and Japanese importers.<ref name=":02">{{Cite book |last=Massot |first=Pascale |title=China's Vulnerability Paradox: How the World's Largest Consumer Transformed Global Commodity Markets |date=2024 |publisher=[[Oxford University Press]] |isbn=978-0-19-777140-2 |location=New York, NY, United States of America |pages=}}</ref>{{Rp|page=31}} In 2006, Chinese company [[Baosteel]] began handling negotiations for the importer side.<ref name=":02" />{{Rp|page=31}} The Chinese government replaced Baosteel with China Iron and Steel Association as lead negotiator in 2009.<ref name=":02" />{{Rp|page=109}} Traditionally, the first deal reached between these the major producers and the major importers sets a benchmark to be followed by the rest of the industry.<ref name="Iron ore pricing"/>

[[Singapore Mercantile Exchange]] (SMX) has launched the world's first global iron ore futures contract, based on the [[Metal Bulletin]] Iron Ore Index (MBIOI) which uses daily price data from a broad spectrum of industry participants and independent Chinese steel consultancy and data provider Shanghai Steelhome's widespread contact base of steel producers and iron ore traders across China.<ref>{{cite web|url=http://www.nasdaq.com/article/smx-to-list-worlds-first-index-based-iron-ore-futures-cm38142|title=SMX to list world's first index based iron ore futures|date=29 September 2010|access-date=12 November 2016}}</ref> The futures contract has seen monthly volumes over {{convert|1500000|t|abbr=on}} after eight months of trading.<ref>{{cite web|url=http://www.smx.com.sg/MediaRoom/SMXNews/NewsDetail.aspx?type=top&id=137|title=ICE Futures Singapore - Futures Exchange|access-date=12 November 2016}}</ref>

This move follows a switch to index-based quarterly pricing by the world's three largest iron ore miners—[[Vale (company)|Vale]], [[Rio Tinto (corporation)|Rio Tinto]], and [[BHP]]—in early 2010, breaking a 40-year tradition of benchmark annual pricing.<ref>{{Cite web |url=http://www.mbironoreindex.com/Article/2679174/SMX-and-MB-to-launch-world39s-first-iron-ore-futures-contract.html |title=mbironoreindex |access-date=20 October 2010 |archive-date=25 February 2021 |archive-url=https://web.archive.org/web/20210225075947/https://www.mbironoreindex.com/Article/2679174/SMX-and-MB-to-launch-world39s-first-iron-ore-futures-contract.html |url-status=dead }}</ref>