It was another ugly day for the Capesize market as rates continued to deteriorate from oversupply of vessels and low shipping demand.
Chinese futures ended the afternoon session in slight gain, as trade participants waited for further market directions.
Capesize paper market continued its downward trend on a short trading week, and gloomy freight outlook.
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 continued to run out of the steam and fell for the third consecutive day amid bearish market sentiments.
Chinese futures inched up slightly amid weak global steel outlook, against recovering steel demand and output in China.
Capesize paper market have regained the $10,000 mark once again, thanks to much buying enthusiasm in the Pacific basin.
Chinese futures remained on fire after last week rally, as industry concerns over tightening supply with Vale’s revision of its annual output guidance for 2020.
Capesize paper market traded on high with firm support from the Atlantic market.
Chinese futures gained on Wednesday on better buying activities as the Chinese participants were more active in the market after long holidays.