Assignment Task: Iron Ore
Iron ores are the rocks and minerals from which iron can be extracted. The vast majority of iron ores are used to produce pig iron, which in turn is fed into steel production.
Using Iron Ore as a commodity, answer the following questions
Q1. Who could you sell it to (what kind of organizations might buy it?)
Q2.
a) How is it normally shipped?
b) What might the average shipment size be?
Q3. How much would it be worth in the foreign currency, and in Canadian dollars? (i.e. what's today's conversion rate-try and identify two sources for foreign exchange?
Q4. What method of payment might typically be used when selling your commodity internationally?
Q5.
a) How could you protect your receivable?
b) What could it cost you?
Q6. How could blockchain be used in your export sale?