BENGALURU: Dalian iron ore futures fell to a five-week low, as ample global supply, rising Chinese port inventories and steel mills cutting output on deepening losses pressured prices.
The Baltic Exchange’s dry bulk freight index fell to a near four-week low on Monday, pressured by weaker rates across larger vessel segments.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell by 158 points, or 4.61percent, to 3,268 points, its lowest level since September 1.
The capesize index dropped 433 points, or 7.49percent, to 5,351 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, decreased by USD3,930 to USD45,024. The panamax index shed 5 points, or 0.21percent, to 2,402 points.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD42 to USD21,620 Among smaller vessels, the supramax index inched up 4 points, or 0.22percent, to 1,790 points.
Russian wheat export prices declined, in line with global trends last week; analysts have again made revised up estimates for September shipments from Russia, citing increased activity at Baltic ports.