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Iron ore is one of, if not the, most used elements in the modern world. Iron is the most important part of the steelmaking process and . It has a combination of strength and durability most metals cannot compare to. Because of this, in much of the world products that contain steel are seen almost everywhere, from small household appliances to cars and major construction projects.
A recent spike in global iron ore prices can be attributed to a major spike in its price on Chinese commodity exchange markets. China is the , by a large margin. This gives China the potential to consistently set and maintain the global price of iron ore. Chinese speculators trading on commodity markets have caused spikes in the prices of goods before. shot the price of zinc, copper, and other commodities up to the highest prices seen in years. Fang Xinghai, the Chinese vice chairman of the China Securities and Regulatory Commission, . With major Chinese government officials setting goals like this, the global economy could be in for a huge shake-up.
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