The niceties of iron ore pricing can struggle to command attention. Not this time. The agreement this week to move to quarterly contracts based on spot prices marks the end of the annual benchmark system that has lasted 40 years. Its consequences stretch from the price of steel to the development of a multi-billion-dollar derivatives market. The new regime is not perfect, but is better than one that has become outdated.
铁矿石定价的细微之处可能难以吸引外人的注意。但这次的情况有所不同。本周达成的协议转向以现货价为基础的季度合约，这标志着已持续40年的年度基准合约体系寿终正寝。此举影响深远，从钢材价格，到巨额衍生品市场的发展。新的体系并不完美，但强于已经过时的旧体系。
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