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Awesome rise in ore prices
Steel yourself for more expensive cars and fridges. There is an excellent supply-demand story in today’s Times linked to the monopoly power of the major producers of iron ore. I hadn’t realised that iron ore prices are fixed on an annual basis, assuming that it was determined on a daily basis in the commodity markets. The rising price of iron ore will hit the world’s major steelmakers and the key question will be whether they can pass on some or all of the extra costs to their final consumers.
