José Carlos Madin, executive director of the international iron ore giant Vale, said recently that iron ore price negotiations are no longer needed next year. At present, the company implements the “quarterly price mechanismâ€, which is based on the average price of iron ore sales in the first three months as the reference price for the next quarter.
Ma Dingsi believes that the quarterly pricing mechanism is a mechanism for automatically adjusting prices. “The negotiations between us and our customers will not be as tense as they used to be. We can now speculate on the price in the first quarter of next year. Because we and our customers are both I know the price of these three months." For some manufacturers still want to shorten the quarterly pricing to monthly pricing or continue to implement the long exchange price, Ma Dingsi said: "The quarterly pricing system is currently running well, we are satisfied with this. Quarterly The pricing mechanism is based on market information and data, which can avoid the volatility of the market, and also give customers an opportunity to understand the market conditions, so that they can adjust the procurement strategy according to the market in a timely manner. We hope to give this new pricing mechanism more time. To demonstrate its superiority."
Among the three major iron ore suppliers, Vale is the last to abandon the annual pricing mechanism. Ma Dingsi emphasized that “the pre-crisis pricing mechanism also has a speculative risk. When the iron ore price is low, the customer will seek the spot market price. When the price goes up, some suppliers will follow the high price. Therefore, both of us It is necessary to cooperate to find new pricing mechanisms to cope with the volatility of the market. This means that domestic steel companies are unlikely to receive iron ore at the preferential price of the previous year.
Ma Dingsi believes that the quarterly pricing mechanism is a mechanism for automatically adjusting prices. “The negotiations between us and our customers will not be as tense as they used to be. We can now speculate on the price in the first quarter of next year. Because we and our customers are both I know the price of these three months." For some manufacturers still want to shorten the quarterly pricing to monthly pricing or continue to implement the long exchange price, Ma Dingsi said: "The quarterly pricing system is currently running well, we are satisfied with this. Quarterly The pricing mechanism is based on market information and data, which can avoid the volatility of the market, and also give customers an opportunity to understand the market conditions, so that they can adjust the procurement strategy according to the market in a timely manner. We hope to give this new pricing mechanism more time. To demonstrate its superiority."
Among the three major iron ore suppliers, Vale is the last to abandon the annual pricing mechanism. Ma Dingsi emphasized that “the pre-crisis pricing mechanism also has a speculative risk. When the iron ore price is low, the customer will seek the spot market price. When the price goes up, some suppliers will follow the high price. Therefore, both of us It is necessary to cooperate to find new pricing mechanisms to cope with the volatility of the market. This means that domestic steel companies are unlikely to receive iron ore at the preferential price of the previous year.
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