LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Iron Ore Procurement Market Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the metal and mining industry. This report breaks down the data and analysis behind the procurement of iron ore and acts as an all-inclusive guide for making smart purchasing decisions.
“A rise in the production of steel due to increasing demand from industries such as construction and automobiles is driving the growth of the global iron ore market,” says SpendEdge procurement analyst Angad Singh. “Increase in production of crude steel in regions such as APAC and the Middle East has also added to this demand for iron ore,” added Angad.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- The use of automated fleets in the mining of iron ore has led to a decrease in the cost of iron ore due to lowering of production costs. The availability of iron ore at low costs is discouraging purchasing managers to opt for substitute products, which is driving the market growth for iron ore.
- Purchasing managers must engage with suppliers that have adopted automation in mining processes, as it minimizes the risk of supply disruptions due to human error. Automation in mining processes can lead to benefits such as streamlining of operational processes, reduction in labor costs and lowering of operational and exploration costs.
- Every oil or gas reservoir has a different geological formation around it. This makes it difficult for purchasing managers and suppliers to carry out a set procedure for E&P across different geographic locations. High or low inclination of the drilling bit compared with the planned trajectory can increase directional drilling time. This might increase the time required to reach the reservoir, which can exceed the estimated operational costs.
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Iron Ore Pricing Trends
Spot pricing and volume-based are the two most widely implemented pricing models in the iron ore market. Large organizations that are looking for long-term contracts mostly prefer the volume-based pricing model as it enables them to achieve added cost-savings and build better SRM measures during the contract period.
Volume-based pricing model reduces management effort in terms of continuously monitoring prevailing market prices and allow purchasing managers to avail substantial discounts during the purchase of large quantities. However, spot pricing is a highly transparent pricing model and offer purchasing managers to obtain the benefits arising from sudden drops in prices.
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