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Strong Chinese steel output and iron ore demand are driving capesize earnings higher. Iron ore reached a 10-year high above $180/t, and the Baltic Dry Index hit a 10-year high on strong capesize sentiment.
Chinese steel mill inventories fell about 20% from mid-March to mid-April.
Dry bulk rate strength driven by Chinese industrial demand raises freight costs for grain and oilseed cargoes, supporting delivered feed prices.
maritimes.grmaritimesApr 23, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
