Want to get rich quick? Become an iron ore trader
Forget about precious metals, oil or pork bellies: For commodities traders, iron ore is the new Shangri-La.
According to First Post, as spot markets have evolved to replace the annual pricing model, more traders are needed to buy and sell the crucial steelmaking ingredient.
But with a thin talent pool resulting from decades of control over iron ore pricing by the big three- Rio Tinto, Vale and BHP Billiton – iron ore traders can command high (read six-figure) salaries:
“The key to the demand for iron ore traders is that a large number of merchants and investment banks want to increase their exposure to this new market and there is a relatively limited number of traders out there,” said Richard Usher, a commodity recruiter at Sage international.
An iron ore trader with more than eight years experience can command a basic salary of 200,000-300,000 pounds sterling a year at an investment bank or a big merchant, plus a bonus of up to 200-300 percent his basic salary in a good year, recruiters said.