yes and no, before the gfc they(miners) used to have fixed price contracts and it's when bhp and rio kicked up a stink (because they were missing out on $$). So they pushed to get market contracts. (think quarterlies, can't remember off the top of my head, but qtly > yearly)
Looking at the world's largest producers 3 of them are aus and then vale. There's not enough production to satisfy demand. Then there's cost factors, a lot of miners have high cost of production which prices them out if there's a glut in supply.
China's been trying to get rid of their reliance on Australia but they can't... marjor concern of chinese steelmills is continuity of supply.
Iron ore price, page-37462
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