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The Research on Iron Ore Negotiation and China’s Loss of Pricing Power

Author: JiangZuoZuo
Tutor: Zhang
School: Dongbei University of Finance
Course: Industrial Economics
Keywords: Iron ore Price negotiation mechanism Pricing Vertical restraints Antitrust industrial damage warning
CLC: F416.1
Type: Master's thesis
Year: 2010
Downloads: 299
Quote: 0
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Abstract


At present, although China has become the largest buyer of international iron ore market, and the volume of iron ore imports increased year after year, however, so that people do not want to see is the international iron ore prices have seen rising trend. This can be described as China's iron ore market, produces a more serious impact, making China's steel industry and its related downstream industries sharp upward trend in costs, resulting in a rapid decline in profits, and thus for the development of our national economy caused certain influence, the main factors causing this situation is due to three global mining giants controlled over 70% of the international iron ore supply, this situation seems to constitute the international iron ore market, the seller oligopoly structure. However, the international benchmark price of iron ore each year by the international iron ore price negotiations of the decision. During the negotiation process is similar to Nash bargaining game model of the negotiating parties are the ultimate beneficiaries of the negotiations postponed its cost affordability of the decision. While China's steel industry is currently relatively low level of industry concentration, but there are also inter-industry disorderly competition between each other, these problems are a serious weakening of the domestic steel industry in the international iron ore price negotiations during the course of bargaining power of the competition. Meanwhile, China's steel production capacity has also led to the continued rapid expansion of China's demand for iron ore as well as the rigidity of the three major iron ore suppliers to the international over-reliance. These will lead to China's steel enterprises in the international iron ore price negotiations postponed cost significantly less than the capacity of negotiators, leading to greatly enhance imported iron ore prices in recent years, making the reasons for the high cost of imported iron ore. In order to be better able to make full use of foreign iron ore resources in a more rational view of domestic iron ore market supply and demand problems, improve our country in the international iron ore price negotiations, bargaining power, China must actively expand imports of iron ore sources, greater efforts to promote offshore mining, and gradually reduce the three major iron ore suppliers is highly dependent. Meanwhile, we should strengthen the domestic iron ore trade order further management, establish new viable iron ore industry injury early warning mechanism, eliminating the problems posed to national economic development, preserve our resources and economic security. China's imports of iron ore for solving them the right to speak study will have important theoretical and practical significance; addition, China's imports of iron ore for the bargaining power of analysis and measures proposed, will also solve our other commodities import and export trade to provide some reference. This paper is divided into six chapters. The first chapter of this paper pointed out that research background, theoretical and practical significance, literature review and the papers of the frame. The second chapter first describes the iron ore industry chain structure, followed by analysis of the iron ore market definition and by analyzing the iron ore market competitors and barriers to entry and other relevant factors on the description of the current situation of the iron ore market . The third chapter analyzes the price of iron ore pricing negotiation process missing, pointing out that the current situation as well as pricing factors that affect pricing. Chapter IV mainly for iron ore price negotiation mechanism restricting competition factors and damage analysis. First introduced the international iron ore price negotiation mechanism evolve. Has lasted for 20 years from the annual negotiation mechanism evolved into the current quarterly pricing negotiations. Secondly describes the mechanism of iron ore negotiations restrict competition factors and impact damage. The fifth chapter is to improve China's iron ore pricing countermeasures on the basis of the above analysis that the number of missing to solve our pricing policy proposals, from the theoretical analysis and empirical analysis, based on the make relevant policy recommendations. The sixth chapter is the conclusion that the main conclusions and areas for improvement. Innovation of this paper are: one, negating the widely believed view that in international commodity trade, the big buyer but did not pricing. Second, the correction on the basis of previous studies, the system sorts out our main reason for the lack of pricing of iron ore, China's steel industry is currently drawn iron ore import pricing problems. Third, through the anti-monopoly industrial damage early warning mechanism to establish proposals put forward for the protection of China's iron ore market has important theoretical and practical significance.

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