"But the word “contract” is losing its meaning. Chinese spot prices, having traded above the contract price for five years, have crashed from $186 a tonne in Ju

"But the word “contract” is losing its meaning. Chinese spot prices, having traded above the contract price for five years, have crashed from $186 a tonne in July to $80 a tonne today and continue to slide (see chart). Buyers are breaking contracts, bankers are pulling financing and projects are, inevitably, being scaled back."