| The price of iron ore for decades was hammered out in secret talks between the world’s biggest miners and steelmakers. Now, the dominant force is an obscure commodities market in northeastern China, a stark example of how pricing power for everything from steel to copper is shifting east.
The change has been driven by Chinese investors who have poured billions of dollars into iron-ore futures traded on the Dalian Commodity Exchange. Their bets, reminiscent of last year’s frenzy in Chinese stocks, have generated as much dollar volume as gold futures in New York, according to data from Citigroup Inc...............................................Full Article: Source
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