Tag Archives: Commodities/Resources

Iron Ore Slumps to Lowest Since at Least 2009 in China

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“Iron ore retreated to the lowest level in at least six years as a rout in China’s stock markets threatened to hurt demand in the largest buyer just as the biggest producers plan to raise output.  Ore with 62 percent content delivered to Qingdao sank 10 percent to $44.59 a dry metric ton on Wednesday, according to Metal Bulletin Ltd. That’s the lowest price on record dating back to May 2009, the data show. The raw material was until the past several years traded predominantly through annual benchmark prices. Compared with those benchmarks, this would be the lowest since 2005, data compiled by Clarkson Plc show.”

http://www.bloomberg.com/news/articles/2015-07-08/iron-ore-collapses-to-record-low-as-commodities-sink-on-china

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Another Chinese Firm Defaults on Its Dollar Bond

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“Coal importer Winsway Enterprises Holdings Ltd. became the nation’s second company to default on a dollar-denominated bond this year.  The Hong Kong-listed company isn’t able to pay $13.2 million of semi-annual interest due Friday on $309.3 million of notes that mature next year, according to a Hong Kong stock exchange filing on Friday. A 30-day grace period expired May 8 after it skipped the payment April 8 and hired advisers to restructure its debt.  The recent missed payments are the latest challenge for foreign investors in China who may need to navigate unfamiliar means of recourse to a defaulted company’s assets.”

http://www.bloomberg.com/news/articles/2015-05-08/china-defaults-mount-as-coal-company-winsway-misses-bond-coupon

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