The Index has seen further gains this week, as a number of participants returned to the market after the Chinese New Year celebrations at the end of January.
The tonnage of material held in stock at Chinese ports is reported to have started to rise again, having fallen from 90 million tonnes in the second half of last year, to less than 60m tonnes in recent weeks.
The rise is mainly due to the flurry of material booking seen before Chinese New Year, and which are starting to be delivered, but it reflects an improvement in sentiment in the industry.Freight rates have also increased across the three main routes into China. US dollar per tonne rates on the Capesize routes from Australia and Brazil have increased by 60% and 40% respectively, while India to China Supramax rates have risen by over 10%.
There are concerns that the rises are not start of a general trend, as the increasing rates will encourage more freight capacity out of lay-up, or back from the brink of scrapping.
In addition, the capacity overhang will continue to get bigger over the next two years.The Index rose to $81.86/tonne cfr Qingdao on a 62% Fe basis, an increase of 3.8% or $3.03.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น