Spot rates for capesize bulkers fell considerably over the past week amid rising prices for iron ore and steel.
The capesize 5TC, a weighted average of spot rates on five key routes, has decreased 16.8% from last Friday to $34,542 per day, according to the Baltic Exchange.
Iron ore is up to $211 per tonne while steel hit $230 per tonne earlier in the week, prices that have prompted Chinese builders to slow down on buying building materials, Reuters has reported.
