M.Phil. (Natural Economics) / Due to the overwhelming influence of gold on the national economy of South Africa, the importance of the other mineral resources are often underestimated. South Africa is the largest exporter of metals essential to the modern World industry - metals such as chrome, manganese and vanadium. Our vast reserves of these and other ferrous metals might yet prove to provide this country with substantial political and economic powers in years to come. The importance of the availability of ferrous metals for the continued existence of the modern global civilization is not always realised. These metals, in the form of various steels and other alloys, form an integral part of our daily lives in modern communities. This important role and the numerous problems faced by the global ferrous metals industry provided me with a challenging field of study. The phenomenon of cyclical volatility is inherent in mineral commodity markets and is eminently present in the markets for steel and related alloys, due mainly to the sensitivity of these markets to general economic welfare. In turn, and due to the derived demand relationship that exists between these metals and steel, the ferrous metals are particularly susceptible to economic prosperity and depression. More often than not, a period of economic prosperity is characterised by ferrous metal supply shortages, while excess supply is typical during periods of economic recession. Interest in the study of the complexities of ferrous metal markets was kindled whilst in the employ of the Minerals Bureau of the Department of Mineral and Energy Affairs.