ABSTRACT
Metals have always had a central role in human history, proved by the fact that two of the prehistoric ages of mankind are named after metals, the Bronze Age and the Iron Age. The advent of iron casting technology was also crucial for the advancement of agriculture, replacing the softer and less resistant bronze plough. This chapter focuses on basic characteristics of the organisation of metal markets. This includes taxonomy of the most important metals, the determinants of demand and supply for metals and their ores, and some of the procedures of metal price formation. The geological formation of the mineral-bearing area determines the extent and quality of reserves. The most interesting feature of the markets for metallic ores is the procedure for price determination. Ores are usually required on a continuous basis, in order to keep the mill or smelter running on a continuous basis, as shutting down such an operation can be quite expensive.
