Capesize market slowed after the recent rally in shipping rates, as trade sources seek for clearer market direction ahead.
Chinese futures ended the afternoon session in slight gain, as trade participants waited for further market directions.
Among the falling commodity market, the iron ore market only seemed to defy gravity and held on to high prices unlike others.
Capesize paper market was off to a slow start due to May Labour Day holiday with muted shipping activities.
Capesize paper market slid to downward trend on limited activities ahead of the May Labor holidays.
Capesize paper market traded on narrow range as trade participants were concerned over several holidays in Far East in coming days.
Capesize paper market continued to run out of the steam and fell for the third consecutive day amid bearish market sentiments.
Capesize paper market rallied on decent shipping demand after being well supported by both the Pacific and Atlantic basins.
Capesize paper market traded on high with firm support from the Atlantic market.
Capesize market drew support from more Brazilian and South African cargoes as miners tried to make up for the slow exports during the Q1 2020.