5. Iron ore prices

In the past, there was little trading in iron ore, as we have seen in the § 3 trade. Most mines were owned by steelmakers, so the price of ore was, in effect, an internal transfer price. It was only after the last war that a significant trade was established, leading to the development of the so-called "bench mark" system, to which we will devote the first part of this paragraph.

Now, over the past few years, a spot market has developed, initially between...