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Game Analysis in Negotiation of Iron Ore Price

In: Risk Management of Supply and Cash Flows in Supply Chains

Author

Listed:
  • Jian Li

    (Beijing University of Chemical Technology (BUCT))

  • Jia Chen

    (Bank of China)

  • Shouyang Wang

    (Chinese Academy of Sciences)

Abstract

The international iron ore market determines prices through yearly negotiations, using certain long-term trade agreements as its main price-setting mechanism. According to convention, the new fiscal year’s iron ore prices are decided before April of every year. During the process, the largest iron and steel enterprises, acting as industry representatives, negotiate with iron ore suppliers to form the basic prices for European and Asian importers. Australia’s BHP Billiton Ltd, Rio Tinto Group, and Brazil’s Companhia Vale do Rio Doce are the three major suppliers of iron ore across the world. While for a long time, Japan sets the standard for Asia.

Suggested Citation

  • Jian Li & Jia Chen & Shouyang Wang, 2011. "Game Analysis in Negotiation of Iron Ore Price," International Series in Operations Research & Management Science, in: Risk Management of Supply and Cash Flows in Supply Chains, chapter 0, pages 161-185, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-0511-5_7
    DOI: 10.1007/978-1-4614-0511-5_7
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    Cited by:

    1. Su, Chi-Wei & Wang, Kai-Hua & Chang, Hsu-Ling & Dumitrescu–Peculea, Adelina, 2017. "Do iron ore price bubbles occur?," Resources Policy, Elsevier, vol. 53(C), pages 340-346.

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