SINGAPORE: Iron ore futures fell on Friday, paring some of the previous day’s gains, as port inventories rebounded and steel mill profitability stayed low.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was poised for a second monthly loss on Friday, dragged lower by continued weakness in capesize and panamax vessel rates.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, ticked up by 2 points, or 0.07percent, to 2,714 points, its highest since October 13.
However, the index is on track for a second straight monthly decline, down more than 12 percent in October.
The capesize index rose by 36 points, or 0.88 percent, to 4,126 points, the index’s highest since October 12. However, it is down 16percent, its second monthly decline.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, increased by USD325 to USD33,917.
The panamax index fell 32 points, or 1.67 percent, to 1,889 points — its lowest level since April 13. The index is headed for a monthly decline of about 20.76 percent.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD290 to USD16,999.
Among smaller vessels, the supramax index inched down 5 points, or 0.27 percent, to 1,865 points, hitting its lowest since October 15, but on track for a third consecutive monthly gain, up 3.8 percent.
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