When a commodities company reneges on a contract because of reasons beyond its control – so-called acts of God, such as a hurricane – they invoke “force majeure”, a clause that allows them to walk away from a deal legally.
When a Chinese trader reneges on a contract because the price has moved against it, he just simply walks away – illegally. Western traders joke that their Chinese counterparts invoke an imaginary “price majeure” clause.
Right now, iron ore, thermal coal and coking coal deals are witnessing a large number of “price majeure” cases which are exacerbating the drop in benchmark prices of those commodities.
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