Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell
97 points to 4,549 in the week ending Monday, January 29, 2001. "The Chinese holidays added to weakness in the Pacific, which has exaggerated current direction," SS&Y said. "February last year saw the Index put on 31.5 percent as mills and utilities pre-empted raw material price rises to get the last few cargoes in. "Negotiations are well under way for fiscal 2001 but this time it seems unlikely that the mills will be so keen to bring in stocks as steel production begins to slow in Japan," SS&Y added.