hold on tight boys this is very very ugly, page-44

From elsewhere;

Uh oh!

UPDATE 1-China buyers default on India iron ore deals -trade
Mon Sep 29, 2008 4:03am EDT

By Biman Mukherji

NEW DELHI, Sept 29 (Reuters) - Chinese buyers of Indian iron ore are defaulting on import contracts and refusing to lift the ore unless the seller offers a discount on contracted prices, a top industry official told Reuters on Monday.

"Our exports are in deep red as there is no demand from China," said Rahul Baldota, president of the Federation of Indian Mineral Industries and managing director of miner MSPL Ltd.

Chinese appetite for Indian ore has fallen despite rival Brazilian miner Vale's (VALE5.SA: Quote, Profile, Research, Stock Buzz) demand for higher prices for the ore it exports to China -- a move that initially cheered Indian suppliers.

Nearly 75 percent of India's annual iron ore exports of about 100 million tonnes go to China, and shipments normally rise after the annual rainy season ends in September.

"The Chinese are backing off old contracts. They are saying either you reduce the price or we can't take the shipments," Baldota said. "I, myself, have had to suffer two cancellations."

He said importers were willing to buy high-grade 63.5 percent iron ore at about $75 a tonne, about 45 percent less than rates of around $140 in June.

http://www.reuters.com/article/rbssSteel/idUSDEL2392920080929