""Chinese buyers are either deferring or defaulting on iron ore and coal purchase contracts as inventories in China rise and prices fall. At the end of last month, there were at least six thermal coal cargoes—from the United States, Colombia, and South Africa—affected by these defaults. Moreover, Chinese steel mills are now postponing purchases of iron ore, especially from Brazil’s Vale. Purchasers in China have been seeking to delay deliveries of the commodity since October."
