Editing Ore (section)

== Trade ==
Ores (metals) are traded internationally and comprise a sizeable portion of international trade in [[raw material]]s both in value and volume. This is because the worldwide distribution of ores is unequal and dislocated from locations of peak demand and from smelting infrastructure.

Most base metals (copper, lead, zinc, nickel) are traded internationally on the [[London Metal Exchange]], with smaller stockpiles and metals exchanges monitored by the [[New York Mercantile Exchange|COMEX]] and [[NYMEX]] exchanges in the United States and the Shanghai Futures Exchange in China. The global Chromium market is currently dominated by the United States and China.<ref>{{Cite journal |last1=Ren |first1=Shuai |last2=Li |first2=Huajiao |last3=Wang |first3=Yanli |last4=Guo |first4=Chen |last5=Feng |first5=Sida |last6=Wang |first6=Xingxing |date=2021-10-01 |title=Comparative study of the China and U.S. import trade structure based on the global chromium ore trade network |url=https://www.sciencedirect.com/science/article/pii/S0301420721002129 |journal=Resources Policy |language=en |volume=73 |pages=102198 |doi=10.1016/j.resourpol.2021.102198 |bibcode=2021RePol..7302198R |issn=0301-4207}}</ref>

Iron ore is traded between customer and producer, though various benchmark prices are set quarterly between the major mining conglomerates and the major consumers, and this sets the stage for smaller participants.

Other, lesser, commodities do not have international clearing houses and benchmark prices, with most prices negotiated between suppliers and customers one-on-one. This generally makes determining the price of ores of this nature opaque and difficult. Such metals include [[lithium]], [[niobium]]-[[tantalum]], [[bismuth]], [[antimony]] and [[rare earths]]. Most of these commodities are also dominated by one or two major suppliers with >60% of the world's reserves. China is currently leading in world production of Rare Earth Elements.<ref name="Haque-2014">{{Cite journal |last1=Haque |first1=Nawshad |last2=Hughes |first2=Anthony |last3=Lim |first3=Seng |last4=Vernon |first4=Chris |date=2014-10-29 |title=Rare Earth Elements: Overview of Mining, Mineralogy, Uses, Sustainability and Environmental Impact |journal=Resources |language=en |volume=3 |issue=4 |pages=614–635 |doi=10.3390/resources3040614 |issn=2079-9276|doi-access=free |bibcode=2014Resou...3..614H }}</ref>

The [[World Bank]] reports that China was the top importer of ores and metals in 2005 followed by the US and Japan.<ref>{{cite web |date=September 2006 |title=Background Paper – The Outlook for Metals Markets Prepared for G20 Deputies Meeting Sydney 2006 |url=http://siteresources.worldbank.org/INTOGMC/Resources/outlook_for_metals_market.pdf |access-date=2019-07-19 |website=WorldBank.org |place=Washington |page=4 |department=The China Growth Story}}</ref>