The Global Iron and Steel Industry: From a Bilateral Oligopoly to a Thwarted Monopsony

Sylvain Sourisseau

Australian Economic Review, 2018, vol. 51, issue 2, 232-243

Abstract: China's growing urbanisation and the speed of development of its manufacturing industry has led to a shock in steel demand. This article analyses the evolution of the market structure and the related market power shift. From a stable situation in which a few steelmakers negotiated with a few mining firms to set an annual price, the market has evolved to a new price†fixing regime as a result of supply–demand confrontation. A new composition of stakeholders in the iron and steel sectors has emerged, transitioning from an oligopoly to a thwarted monopsony.

Date: 2018
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