BENGALURU: Iron ore futures fell for a third straight session on Tuesday, weighed down by rising port arrivals and persistently weak steel demand as the market heads into China’s National Day holidays.
The Baltic Exchange’s dry bulk freight index fell to a near one-month low on Tuesday, pressured by weaker rates across larger vessel categories.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 90 points, or 2.75percent, to 3,178 points, its lowest level since September 1.
The capesize index dropped 248 points, or 4.63percent, to 5,103 points, its lowest since August 26. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, decreased by USD2,249 to USD42,775.
The panamax index shed 12 points, or 0.50percent, to 2,390 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD113 to USD21,507. Among smaller vessels, the supramax index inched up 7 points, or 0.39percent, to 1,797 points, touching its highest level since August 2022.
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