How is the price of a commodity say iron ore determined?

Take the most important commodity of all – oil. Prior to the early 1970s, only approximately 5% of the world’s oil was freely traded, whereas the other 95% was determined by long-term contracts with fixed prices. Up until 2003, iron ore prices were also based on long-term contracts between the largest iron ore miners and Japanese steelmakers. read more

Iron Ore Price: Get all information on the Price of Iron Ore including News, Charts and Realtime Quotes. read more

Iron ore prices have actually only been set on a daily basis for the past eight years, and are not as transparent as prices for many other industrial commodity markets. For the 40 years before 2010, the price of iron ore was hammered out between buyers and sellers in smoke-filled rooms, on fixed one-year contracts. read more