Iron Ore producer , Fortescue Metals Group Ltd,  has suspended about two thirds of its long-term shipping contracts as its Chinese customers take advantage of cheaper rates stemming from the commodities slump.
 
Fortescue said on Friday that it was suspending all long-term cost and freight (CFR) shipping contracts, whereby the miner covers transport costs and passes [...]

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Two loaded coal trains are currently stranded in QLD en route to ports at Dalrymple Bay and Hay point after two other trains derailed early this morning, damaging 1.5 kilometres of overhead wires, track and supporting masts.
In the first incident, an empty coal train left the track on the southern leg of the Gregory branch [...]

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