The development of the Asian iron ore market: A lesson in long-run market contestability
This paper provides an historical analysis of how the growth of Japan's post-World War Two iron ore demand led to the development of the Asian iron ore market. The paper analyses bilateral advantages that geographic closeness provided to Japanese and Australian iron ore traders, and calculates how the bilateral quasi-profits arising from geographic closeness were divided between them.The model estimates that Australia's freight advantage to Japan was worth on average around US$124.8 million per...[Show more]
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