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The iron ore market in the early twenty-first century: the impact of the increasing Chinese dominance
Kristianstad University, School of Health and Society, Avdelningen för Ekonomi. (GRIP)
Kristianstad University, School of Health and Society, Avdelningen för Ekonomi. (GRIP)
2013 (English)In: Mineral Economics, ISSN 2191-2203, Vol. 25, no 2-3, 89-95 p.Article in journal (Refereed) Published
Abstract [en]

China's increased participation in the global market for iron ore has had tremendous impacts of various kinds. The ore has changed routes and destinations. In 2010, China had reached a point at which it alone accounted for over 50% of the global trade of iron ore. These large changes are unavoidably mirrored in the price that rose dramatically following the Chinese increased demand for iron ore. It was only Brazil and Australia that responded with higher production, an increased production that in no way did cover the increased demand from China. As Australia and Brazil increased their respective export to China, they both reduced their export to almost every other country such as the US, Germany and France who all have reduced their steel production. Other exporting countries like India, Canada and Sweden could not respond fast enough to the demand increase since these countries did not have the ability to adjust their respective production in the immediate and short run. These countries have, as a consequence, gained economic rent due to higher prices and are expected to reinvest in order to increase production in the near future.

Place, publisher, year, edition, pages
New York, 2013. Vol. 25, no 2-3, 89-95 p.
Keyword [en]
Iron ore, China, LKAB, Market dominance
National Category
Economics
Identifiers
URN: urn:nbn:se:hkr:diva-9718DOI: 10.1007/s13563-012-0021-1OAI: oai:DiVA.org:hkr-9718DiVA: diva2:553220
Available from: 2012-09-18 Created: 2012-09-18 Last updated: 2013-10-01Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
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  • modern-language-association-8th-edition
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More styles
Language
  • de-DE
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  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
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  • asciidoc
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