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Ironing things out
HOME > PAST ISSUE > REPORTS [Premium content]March 2007
Having learned its lesson in 2006, China quietly negotiated a new iron ore price.
Iron, like any other industrial commodity devoured by China's booming economy, has sharply increased in price in the last few years
Unlike most commodities, though, iron prices are not set by trading activity in Chicago, New York, or London, but by industrialists in closed negotiations.
Every year, the handful of mining firms that control the world's iron sit down with a carefully chosen handful of major steel firms for a series of negotiating sessions.
Managing ...
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