Dalian: January is typically a slack time for capesizes, and 2014 has started poorly rates-wise. Looking ahead, there is concern that the most important driver for the trade, China’s iron ore demand, looks decidedly brittle. China's iron ore futures hit a record low this morning as steel mills, hit by slumping prices, cut output.
The most traded May iron ore futures contract on the Dalian Commodity Exchange hit 870 yuan a tonne, the lowest since the launch of trade in October, Reuters reported.
China imported a record 820m tonnes of iron ore last year, up 10% over 2012’s total. [10/01/14]