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The global iron and steel industry: from a bilateral oligopoly to a thwarted monopsony

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  • Sylvain Sourisseau

    (ADEME (French Environment and Energy Management Agency – University of Paris Saclay, TEPP-CNRS)

Abstract

China’s growing urbanization and the speed of its manufacturing industry development led to a shock in steel demand at the beginning of the 2000’s and consequently to a shock across the iron and steel industry. In this paper, we carry out descriptive analysis of the evolution in the market structure and the related power market shifting. From a steady situation where few steelmakers negotiated with few mining firms in order to set up the annual price, the market evolved to a new price fixing process resulting from a supply-demand confrontation, like the move seen for most of the other materials a few decades ago. Moreover, the shock and the related events that occurred years after, led to a new composition of stakeholders in the iron and steel sectors, both on the demand and supply sides. In this new context, China has become an essential actor, modifying the industrial structure from a bilateral oligopoly to a thwarted monopsony.

Suggested Citation

  • Sylvain Sourisseau, 2017. "The global iron and steel industry: from a bilateral oligopoly to a thwarted monopsony," Documents de recherche 17-03, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    • Handle: RePEc:eve:wpaper:17-03
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    More about this item

    Keywords

    steelmaking industry; iron ore; industrial economics; oligopoly; monopsony;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources

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