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2010年初国际铁矿石延用40年的“长期协议”定价机制由更短期的“季度定价”模式取代,并有进一步演变为“月度定价”的趋势。“短期协议”价格逐渐趋于现货市场价格,这不仅加大国际铁矿石的价格波动,同时有可能推高钢铁价格、压缩钢铁企业利润,也强化了上下游关联产业的价格波动。国际买家常采用参股矿商、利用掉期合约、签订长期合同等办法应对价格波动风险。我国钢铁企业可采取纵向一体化、利用成熟的金融衍生工具、构建巩固的产业联盟、加快产业调整和寻求替代品以及发挥钢铁工业协会的积极作用等措施应对铁矿石涨价风险。
The “long-term agreement” pricing mechanism for the 40-year extension of international iron ore utilization in early 2010 was replaced by the more short-term “quarterly pricing” model and further the trend toward “monthly pricing”. “Short-term agreement ” price tends to the spot market price, which not only increases the price fluctuation of international iron ore, at the same time it is possible to push up the price of steel, compress the profits of iron and steel enterprises, but also strengthen the price fluctuations of upstream and downstream related industries. International buyers often use shares of mining companies, the use of swap contracts, signed long-term contracts and other measures to deal with the risk of price fluctuations. China’s iron and steel enterprises should take measures such as vertical integration, making use of sophisticated financial derivatives, building a solid industrial alliance, accelerating industrial restructuring and seeking alternatives, and giving full play to the positive role of the iron and steel industry associations to deal with the iron ore price hikes.