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Recent Growth in Steel Futures

Chinese demand has again shaken the global price of iron ore, and industry participants again have a need to respond accordingly. The price for iron ore delivered into China decreased last week to its lowest level since July 2010, according to The Wall Street Journal. Decreased demand for steel there follows the boom of recent years in China and other emerging markets.

The Journal article states that price volatility has directed the discussion between steelmakers and ore producers like Rio Tinto, or Brazil’s Vale, to be one about whether or not to abandon the current quarterly contract system, and replace it with a spot price system.