How long before Chinese steel firms declare iron ore force majeure?

Via CNBC comes the nightmare scenario:

With 60% of China’s population now in urban areas, compared to 60% rural in 2003, and passenger journeys by air increasing to 660 million from 80 million, he suggested that the cost of shutting down huge cities had not been properly priced in.

…“A huge tranche of the urban population is shut down, a huge tranche of business, so a lot of Chinese companies are just going to have to declare force majeure and shut down orders.”

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