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Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and — in some cases — defaulting on their contracts, in the clearest sign yet of the impact of the country’s economic slowdown on the global raw materials markets.
The deferrals and defaults have only emerged in the last few days, traders said, and have contributed to a drop in iron ore and coal prices.
“We have some clients in China asking us this week to defer volumes,” said a senior executive with a global commodities trading house, who warned that consumers were cautious. “China is hand to mo
Originally posted by bellagirl
wow.....just wow. every australian here on ats should be sitting up and taking notice of this. we have been told time and again by our government that we are immune to the whole gfc because of our selling of raw materials to china. there has only been a handful of people who have been saying that china's boom CANT last.
well here we go.....things are about to get very very ugly here in australia if china even sneezes. we will get pneumonia.