The world is entering a new age of iron
Two reports out on Thursday suggest that iron ore is far from being merely a relic of the industrial revolution and still plays a central role in the world economy and the commodities markets.
Reuters reports top investment bank Goldman Sachs is preparing to enter the physical iron ore market and the FT says the so-called commodities bible – Cyclope’s World Commodity Yearbook – just published in English is a testament to how the pricing of iron ore from secretive negotiations and annual contracts to prices linked to the spot market constitutes a “true revolution”.