Capesize bulker futures fall as China slows steel output

The futures market for capesize bulkers fell on Monday as China cuts back steel production to curb carbon emissions, according to a broker.

The world’s largest steel producer plans to limit this year’s volume to 1bn tonnes to keep production flat with last year’s output.

The country announced in March that it might lower 2023 production by 2.5% to extend a two-year policy on curbing emissions.