This article reviews how financialization has affected the iron ore market since the turn of the century. We account for the existence of a Chinese iron ore futures market, the emergence of which can be explained by the progressive inability of long-term commercial contracts to meet the needs of players in the value chain, in a context marked by abundant supply, price competition between the main producers and high price volatility. We also focus our analysis on what this financialization reveals about the future of iron ore markets and, more generally, the future of the mining industry. Three elements appear essential. They are as follows: (1) the possible inclusion of environmental criteria in the purchasing policy of steelmakers, which could result, all other things being equal, in greater demand for high grades and the affirmation of the 65% iron (Fe) grade as the new international price reference; (2) a progressive financialization of the upstream economic sectors, particularly minerals, in a context where base metals are all subject to future contracts; and (3) a growing assertion of Chinese commodity exchanges internationally in order to offer both price references in line with the economic weight of this country and hedging instruments designed for domestic industries.< Leer menos