Steel Endgame Begins: Mills Dump Iron Ore To Raise Cash

Asset selling has begun.

Reuters: Desperate Chinese steelmakers dump iron ore stocks
Cash-strapped Chinese steel mills are dumping iron ore stocks, selling at a loss to shore up cash flow in the latest sign of the sector's worsening crisis, steel mill and trader sources said.
Imagine a game of musical chairs that starts with 100 people and 99 chairs. The music stops and a chair is removed, but the government steps in and says no one is out, keep playing. Continue until there are only a handful of chairs remaining and a crowd of 100 milling around it wondering when the game is going to end.

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