Iron Ore Traders and Shippers Leaving Deals with Iran

Reuters reported as U.S. economic sanctions go into effect in Iran for its nuclear program iron ore traders and shipping companies are pulling away from contracts with the country.

As quoted in the market news:

U.S. financial sanctions imposed since the beginning of this year to punish Tehran over its nuclear programme are playing havoc with its ability to buy imports and receive payment for its exports.

European traders and owners of bulker ships are reticent to carry Iranian iron ore, even though no formal bans have been imposed on this market.

Click here to read the full Reuters report.