| Iron ore is the main raw materials of steel products. Steelproducts play an important role in the national economy. Since the reformand opening, China’s economy is keeping sustained and rapiddevelopment, and the demand of imported iron ore is continuallyincreasing. China is the largest iron ore importer in the world, and theprice fluctuation of iron ore directly affects the development of Chinesesteel market. Iron and steel enterprises is the mainstay of the nationaleconomy industry, and increasing iron ore prices make the cost ofproduction in iron and steel industry increase, which will lead to theincreasing cost about downstream enterprises and the rising economicmarket cost. It restricts the healthy development of economy. If Iron andsteel enterprises and related industries can more clearly understand theinfluence of price fluctuation about imported iron ore on the steel market,a more rational production plan and the operation strategy decision ismade for the iron and steel enterprises and relevant industries in ourcountry, thus better reduce cost, obtain higher profits, and provide theorybasis for the perfection of steady development about our country’s steelmarket. This is of realistic significance for the accelerated development ofChinese economic construction.At present, most of scholars at home and abroad study iron ore andsteel market according to the game of imported iron ore and marketsupply and demand theory. And the study about domestic steel marketanalysis by combined imported iron ore price and steel spot futures priceis less. With the help of related theories about regression analysis,mathematical statistics, economics and the econometric software,Eviews6.0, this article establish two models under the specificassumption: the first model is about imported iron ore prices andinternational crude oil price; the second model is about imported iron oreprice and the Baltic Sea index. The two models are based on the analysisof the two big main factors which affect imported iron ore pricefluctuation. And the rationality of the existence is analyzed. Then a modelabout imported iron ore prices and rebar spot and futures prices is built which is based on the impact of iron ore prices on domestic steel marketand represented by deformed steel bar. The model correlations areexamined. The analysis shows that the launch of steel futures and otherfinancial derivatives is of important meaning for the development ofdomestic steel market. In the end, this article puts forward some relatedsuggestions that domestic steel market should strengthen managementstrength of resource storage, enhance industry restructuring about steelenterprises, perfect the commodity trading market and adjust businessstrategy. |
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