SINGAPORE: Iron ore futures fell on Thursday after China’s state buyer reached a new supply deal with Rio Tinto, while steel mill margins showed little sign of improvement.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the fourth straight session on Thursday as capesize rates jumped.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, rose by 13 points, or 0.49 percent, to 2,693 points, its highest since October 13.
The capesize index gained 55 points, or 1.45 percent, to 3,848 points, its highest level in more than a week. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, increased by USD501 to USD31,396. The panamax index fell 53 points, or 2.40 percent, to 2,151 points, its lowest since August 24.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD478 to USD19,358 Among smaller vessels, the supramax index rose by 20 points, or 1.07 percent, to 1,890 points, its highest since August 2022.
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