DCE went downhill on Tuesday, due to easing of supply from higher shipments.
Supply concerns over Vale’s mining plant had pushed iron ore future upward on Friday, as the DCE posted a slight gain to end the week.
Baltic Dry Index achieved a five year high on Monday with the reading of 2,191 at its peak.
DCE slid down by 2.66% on-day to RMB 860 a tonne on Wednesday, after traded an intraday high of RMB 877.50 a tonne, and traded an intraday low at RMB 842 a tonne.
DCE faced upward pressure and dipped by 1.73% on Tuesday to close at RMB 880 a tonne by the end of afternoon session.
DCE continued its bullish run above the RMB 900 a tonne level on Wednesday and closed at RMB 908.50 a tonne, up 2.48% on-day by the end of the afternoon session.
DCE formed a V-shape today, started off with a dive before recovering back toward opening level.
It was bullish week for Capesize market as Brazil’s Vale took a number of vessels at higher freight rates due to the restart of its Brucutu mine.
DCE closed at RMB 831 a tonne, up RMB 31 or 3.88% on-day, a record-high since China’s iron ore futures trading started in 2013.
DCE had a pullback from the highs seen in last week to settle around RMB 768.50 a tonne on Monday, down RMB 19.50 or 2.47% on-day.