SHANGHAI: Iron ore futures edged higher after data showed China’s factory activity returned to growth in September, while fresh stimulus measures from Beijing further supported market sentiment. The Baltic Exchange’s dry bulk freight index fell to a more than one-month low on Wednesday, weighed down by a decline in capesize rates, while panamax rates also weakened.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 65 points, or 2.05percent, to 3,113 points, its lowest level since August 27.
The capesize index dropped 175 points, or 3.43percent, to 4,928 points, its lowest since August 25. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, decreased by USD1,584 to USD41,191.
The panamax index shed 6 points, or 0.25percent, to 2,384 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD49 to USD21,458. Among smaller vessels, the supramax index remained unchanged at 1,797 points, its highest level since August 2022.
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