SINGAPORE: Iron ore futures were steady on Friday and notched a second weekly gain, supported by expectations of further coke price cuts that could ease cost pressures on steel mills.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday and logged its third straight weekly gain, helped by stronger capesize and panamax vessel rates.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, was up 65 points, or 2.37 percent, at 2,805 points — extending gains to its highest level since October 12.
The index posted a 3.4 percent weekly rise. The capesize index rose 153 points, or 3.65 percent, to 4,344 points, hitting its highest level in nearly a month.
The capesize index also recorded a third consecutive weekly gain, up 5.3 percent. Average daily earnings for capesize vessels, which typically transport 150,000-metric-ton cargoes, including iron ore and coal, increased by USD1,382 to USD35,892 The panamax index added 47 points, or 2.40 percent, to reach 2,003 points, its highest level since October 27. The index gained 6 percent this week.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose by USD427 to USD18,030.
Among smaller vessels, the supramax index lost 9 points, or 0.49 percent, to reach 1,815 points, extending losses to its lowest since October 9. The index logged a 2.7 percent weekly fall, its second consecutive weekly decline.