Chinese steel mills defer shipments of contracted iron ore

May 18, 2012 | 06:30 AM |

Many Chinese steel mills have delayed taking iron ore shipments under contracts from the big three iron ore miners – Vale, BHP Billiton and Rio Tinto – because spot prices have fallen significantly in recent weeks. “Steel mills, including one of the biggest, have postponed contracted deliveries from the top three miners, as it would not be economic for mills to take contracted iron....

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