Depression-Level Collapse In Demand: In Historic First, Glencore Shuts Coal Mines For 3 Weeks

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–  Depression-Level Collapse In Demand: In Historic First, Glencore Shuts Coal Mines For 3 Weeks (ZeroHedge, Nov 14,  2014):

In a historic move showing just how profound the collapse in global commodity demand and trade is, earlier today the Sydney Morning Herald reported that Australia’s biggest coal exporter Glencore, which last year concluded its merger with miner Xstrata creating the world’s fourth largest mining company and world’s biggest commodity trader, will suspend its Australian coal business for three weeks in a move never before seen in the Australian market, to avoid pumping tonnes into a heavily oversupplied market at depressed prices.” Putting this shocking move in context, it is something that was avoided even during the depths of the global depression in the aftermath of Lehman’s collapse, and takes place at a time when the punditry will have you believe that the US will decouple from the rest of the world and grow at 3% in the current quarter and in 2015.

4 thoughts on “Depression-Level Collapse In Demand: In Historic First, Glencore Shuts Coal Mines For 3 Weeks

  1. The global depression is finally showing up for greedy guts. You can only suck something so dry before you get nothing out but air and dust.
    Unemployment in the US and EU are over 30%, some areas much higher.
    The crash is finally being felt by the greedy guts……….I hope they all starve…….they have destroyed the lives of millions in quest of owning all of coal, or any other commodity. Now, maybe they will get the message?

    But, all I can say is that I live in a city area surrounded by shopping malls. The parking lots show little beyond employee parking. It isn’t a good time, and it has been going on for seven years………this is worse than the Depression, there are no decent statesmen to try and save the nations. Just a gaggle of whores and fools.

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