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Price Variability and Marketing Method in the Non-Ferrous Metals Industry

Author

Listed:
  • Isabel Figuerola-Ferretti

    (Queen Mary, University of London)

  • Christopher L. Gilbert

    (Vrije Universiteit Amsterdam)

Abstract

We examine the impact of the pricing regime on price variability with reference to the non-ferrous metals industry. Theoretical arguments are ambiguous, but in any case suggests that the extent of monopoly power is more important than the pricing regime as determinant of variability. Slade (1991) argued that metals price volatility increased in the nineteen eighties relative to the seventies, and that this was associated with a move from administered producer pricing to exchange pricing. This claims are only partially supported. Extension of Slade's sample to the present indicates that any early differences between the variability of producer and exchange prices have now vanished.

Suggested Citation

  • Isabel Figuerola-Ferretti & Christopher L. Gilbert, 2001. "Price Variability and Marketing Method in the Non-Ferrous Metals Industry," Working Papers 431, Queen Mary University of London, School of Economics and Finance.
    • Handle: RePEc:qmw:qmwecw:431
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    File URL: https://www.qmul.ac.uk/sef/media/econ/research/workingpapers/2001/items/wp431.pdf
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    Citations

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    Cited by:

    1. Evans, Mark & Lewis, Andrew C., 2005. "Dynamic metals demand model," Resources Policy, Elsevier, vol. 30(1), pages 55-69, March.
    2. Blomberg, Jerry & Söderholm, Patrik, 2011. "Factor demand flexibility in the primary aluminium industry: Evidence from stagnating and expanding regions," Resources Policy, Elsevier, vol. 36(3), pages 238-248, September.
    3. Miyano, Takaya & Tatsumi, Kenichi, 2012. "Determining anomalous dynamic patterns in price indexes of the London Metal Exchange by data synchronization," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(22), pages 5500-5511.
    4. Guillotreau, Patrice & Jiménez-Toribio, Ramón, 2011. "The price effect of expanding fish auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 79(3), pages 211-225, August.
    5. Xiarchos, Irene M. & Fletcher, Jerald J., 2009. "Price and volatility transmission between primary and scrap metal markets," Resources, Conservation & Recycling, Elsevier, vol. 53(12), pages 664-673.
    6. Watkins, Clinton & McAleer, Michael, 2008. "How has volatility in metals markets changed?," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 78(2), pages 237-249.
    7. Evans, M. & Lewis, Andrew C., 2002. "Is there a common metals demand curve?," Resources Policy, Elsevier, vol. 28(3-4), pages 95-104.
    8. Isabel Figuerola-Ferretti, 2005. "Prices and production cost in aluminium smelting in the short and the long run," Applied Economics, Taylor & Francis Journals, vol. 37(8), pages 917-928.
    9. He, Rui-fang & Zhong, Mei-rui & Huang, Jian-bai, 2021. "The dynamic effects of renewable-energy and fossil-fuel technological progress on metal consumption in the electric power industry," Resources Policy, Elsevier, vol. 71(C).
    10. Arık, Evren & Mutlu, Elif, 2014. "Chinese steel market in the post-futures period," Resources Policy, Elsevier, vol. 42(C), pages 10-17.
    11. Wårell, Linda, 2014. "The effect of a change in pricing regime on iron ore prices," Resources Policy, Elsevier, vol. 41(C), pages 16-22.

    More about this item

    Keywords

    Metals; Futures trading; Exchange pricing; Producer pricing; Price volatility;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics

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