{
  "id": 14248325,
  "title": "The Ore Wars: an interactive history 2002–2026",
  "url": "https://urgent.news/2026/10/13/the-ore-wars-an-interactive-history-2002-2026",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T16:38:46.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/the-ore-wars-an-interactive-history-2002-2026/"
  },
  "original_language": "en",
  "account": "The Ore Wars: an interactive history from 2002 to 2026\n\nIn 2002, iron ore was traded at an average price of $13 per tonne, as a yearly contract was negotiated between Brazilian and Australian miners and Japanese steelmakers. Today, iron ore is the second most traded commodity, second only to crude oil, with prices determined daily on futures exchanges in Singapore and Dalian.\n\nThe Ore Wars, a new interactive timeline by MINING.COM, chronicles the history of iron ore trading in 49 moments across seven acts. The Benchmark Years (2002-2008) saw secret annual talks, a 71.5% price shock, and a failed $140 billion bid by BHP for Rio Tinto.\n\nDuring Prompt Delivery (2009-2011), the benchmark price disappeared, while Stern Hu was arrested. Iron ore mines reached record profits during Iron Age (2012-2014), when the majors flooded the market, and the $120 price floor was reached. The Long Winter (2015-2016) was marked by the Samarco disaster, $4,000-a-day capesizes, and the $37 per tonne price point.\n\nTaking Inventory (2016-2018) featured a futures feeding frenzy, a dispute over scrap, and record portside piles. Disaster & Disruption (2019-2021) was characterized by the Brumadinho tragedy, the Juukan Gorge incident, a global pandemic, and the highest iron ore price ever recorded.\n\nThe Sequel (2022-2026) sees China's emergence as the sole major buyer, a shift to pricing iron ore in yuan, and the long-awaited completion of the Simandou iron ore project.",
  "summary": "How iron ore went from a relic of the industrial age to the force that reshaped the global economy, in 49 moments and one price line.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}