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.
Capesize paper market slipped on slow physical market as the Pacific market started to lose support with little shipping demand.
Iron Ore Offshore May 20 Morning Technical Comment – 240 Min Chart
Capesize paper saw small gain after a huge rally seen earlier at the week.
Chinese futures rebounded on Thursday over supply concerns and reversed from the losses seen earlier this week.