Chinese futures hit a roofer on Thursday, driven by better steel demand with the gradual return of workers.
Capesize market was muted by coronavirus outbreak which crippled shipping demand.
Market outlook for Capesize remained gloomy despite the recent uptick in FFA.
Chinese futures rose on increased market activities with the return of Chinese trade participants after a long extended Lunar New Year holidays.
The Baltic Dry Index (BDI) dropped to a year low to 539 reading on Tuesday, down 1.28% day-on-day.
Chinese futures succumbed to market fear of extended virus outbreak in China and bearish steel sentiment on Thursday.
Chinese futures began with slight gain on Monday, despite market inactivity with just one week ahead of Spring festival holidays.
Dalian Commodities Exchange (DCE) rose slightly on Monday, continuing to hike from last week rally.
DCE booked a gain on Tuesday, following a release of environmental protection details from trade source.
DCE dipped slightly at 1.15% on-day to RMB 644 a tonne on Tuesday on thin restocking activities.