鉄鉱石市場の変動と原料調達システムの課題

抄録

This paper aims to analyze Japan's mass procurement system of iron ore from both historical and international perspectives. Mass production needs mass procurement of raw materials and every giant steel producer needs huge amount of iron ore at a low cost for long-term stability.
At the beginning of the twentieth century, American steel producers, led by U. S. Steel, established the proto-type of the modern-day mass procurement system, vertical integrated or captive mines, which had been considered a rational model both in academic and political sense till 1980s.
In 1960s, Japan emerged as an important steel-making country. Not blessed with domestic iron mines, Japanese steel producers were forced to create an alternative mass procurement system based on long-term contract with overseas miners to develop and import ores. With technological and organizational innovations supported by domestic cooperation in strategic develop-and-import scheme, Japanese steel producers acted as a single “dominant buyer” to mitigate the weak contractual relationship with overseas miners and brought Japan low-cost ores. In 1970-80s, other emergent East Asian steel producers, such as POSCO and Baosteel, followed Japanese way and long-term contract became de facto standard in the world steel industry.
After 2000, international iron ore market situations completely changed. China became new “dominant buyer” as a nation. Chinese steel producers do not coordinate in their purchasing behavior and in bargaining, nor do they give up opportunistic purchasing in the market. There is not a dominant buyer as a bargainer, while the “major suppliers” established.
At the present, what Japanese steel producers should do are:
1. To strengthen their interests in iron mines toward captive mines to ensure their necessary supply of ores.
2. To create some futures market of ores to hedge risks against price fluctuation.
3. To enhance R&D in next generation iron making to lower the dependence on iron ore.