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Chinese shipyards are offering to sell vessels at discounts of more than 20 per cent as builders look to protect market share from higher quality Asian rivals and stay afloat amid a wave of consolidation, industry sources said.

June 1 - U.S. May employment report, China PMI June 6 - European Central Bank rates meeting June 7 - Fed Chairman Ben Bernanke Congressional testimony June 8 - China economic releases June 17 - Greek election June 18/19 - G-20 in Mexico June 19/20 - FOMC Meeting June 28/29 - European leaders summit

Investors including Faber-backed fund eye 30% returns but heavy risks exist

Chinese buyers are deferring delivery or have defaulted on coal and iron ore deliveries following a drop in prices, traders said, providing more evidence that a slowdown in the world’s second-largest economy is hitting its appetite for commodities.

Experts say trial liberalisation would allow banks more freedom to set lending and borrowing levels

Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and – in some cases – defaulting on their contracts, in the clearest sign yet of the impact of the country’s economic slowdown on the global raw materials markets.

When metals warehouses in top consumer China are so full that workers start stockpiling iron ore in granaries and copper in car parks, you know the global economy could be in trouble.