Industry News

Shipping Q4: Capesize market feasts on robust China iron ore demand

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Update time : 2020-10-09 16:10:31
Singapore — With waves of iron ore imports arriving in a record number of shipments throughout the third quarter in China, and no signs of any letup to this explosive demand for the raw ferrous commodity, the Capesive market is expected to remain firm in the last quarter of this year.

Defying the anemic industrial activity seen elsewhere globally due to the current pandemic, China imported extraordinary volumes of iron ore during June, July as well as August at 101.7 million mt, 112.6 million mt and 100.3 million mt, respectively, according to the General Administration of Customs data.

Catering to China's iron ore demand, the Capesize segment boomed in Q3 with the Platts Cape T4 index basis 0.5% sulfur marine fuel averaging $20,823/d after registering a high of $31,901/d on July 6.

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