The world’s second-largest commodity market by value – after crude oil – iron ore is central to the world’s economy. It forms part of the production process of almost anything that requires steel: ships, buildings, refrigerators, cars.

Since the 1960s representatives of the world’s largest mining companies have held secretive negotiations to set prices for contracts with the big steel producers. Traditionally, the first deal between a miner and a major steelmaker set a “benchmark” which was followed by the rest of the industry, from Japan and South Korea to China and Germany.