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A lesson in market contestability : calculating the cost of Chinese state intervention in iron ore price negotiations

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  • Luke Hurst

    (East Asian Bureau of Economic Research)

Abstract

This article analyses the motivation and impact of the 2009 intervention of the China Iron and Steel Association (CISA) in benchmark price negotiations. The impact of the transition from benchmark pricing to a spot market mechanism, which was a consequence of the CISA’s intervention, is examined using a constrained bilateral monopoly model to calculate the financial impact of switching pricing mechanisms on Australian exporters and Chinese importers.

Suggested Citation

  • Luke Hurst, 2015. "A lesson in market contestability : calculating the cost of Chinese state intervention in iron ore price negotiations," Energy Working Papers 24820, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:energy:24820
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    File URL: http://www.eaber.org/node/24820
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    Cited by:

    1. Hurst, Luke, 2015. "The development of the Asian iron ore market: A lesson in long-run market contestability," Resources Policy, Elsevier, vol. 46(P2), pages 22-29.

    More about this item

    Keywords

    iron ore; China;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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