Iron Ore Freefall, Default Contracts

Reuters reported iron ore’s price freefall has forced Chinese steel producers to skip contracted cargoes.

As quoted in the market news:

Chinese mills, the world’s biggest iron ore buyers, have either cancelled or deferred shipments of up to 4 million tonnes this month after iron ore prices tumbled to their lowest in more than 2-1/2 years, the latest evidence of a slowdown in the world’s top steel market.

Click here to read the full Reuters report.