Capesize bulker spot rates undulated significantly this past week as global trading of iron ore stutters due to China’s stumbling return to construction, according to an analyst.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes gained 26.6% from last Friday to $23,200 per day on Wednesday, but then it dropped 19.2% to just over $18,700 per day by Friday.
