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Steel Output News

12 Jan 2024

Baltic Dry Index Marks Worst Week Since 2008

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The Baltic Exchange's dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.The capesize index dropped by 252 points, or 10.4%, to 2,172, extending its losing streak to the fifth session and hitting its lowest since Nov.

25 Sep 2023

Baltic Dry Index Rises to Over Four-month High

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The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest since mid-May on Monday, supported by gains in the capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 21 points, or 1.3% to 1,614, its highest level since May 10.The capesize index added 65 points, or 3.1% to 2,148, its highest level in over four months.Average daily earnings for capesize vessels…

15 Sep 2023

Baltic Dry Index Logs Best Week in Over Six Months

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The Baltic Exchange's main dry bulk sea freight index rose on Friday, clocking its biggest weekly percentage gain since March as demand across all vessel segments remained strong.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose for the eighth straight session by 41 points, or 3.1%, to 1,381.The main index posted a 16.4% gain for the week.The capesize index, added 90 points, or about 6%, to 1,602, hitting its highest level in a month.

14 Aug 2023

Gains in Panamax Vessel Rates Lift Baltic Dry Index

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The Baltic Exchange's main sea freight index edged up on Monday as rates for the panamax segment, ferrying coal and grain cargoes, hit a more than three-month high that also helped offset a dip in the larger capesize vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels ferrying dry bulk commodities, edged up by 6 points to 1,135.The panamax index extended its winning streak to a 14th straight session to gain 28 points, or 2.1%, to 1,365.

09 Aug 2023

Baltic Index Inches Up as Panamax Gains Outweigh Capesize Losses

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The Baltic Exchange's main sea freight index edged up on Wednesday as panamax rates hit a near three-month high, countering a dip in the larger capesize segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, increased 2 points to 1,144.The panamax index .BPNI gained 38 points, or 3.2%, to 1,233, its highest since May 18.Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60…

04 Aug 2023

Baltic Dry Index Logs Second Straight Weekly Gain

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The Baltic Exchange's main sea freight index rose for the second straight week on Friday, led by strong demand in the panamax vessel segment.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 8 points, or 0.7%, to 1,136.The main index was up 2.3% for the week, its second straight weekly gain.The panamax index rose 21 points, or 1.9%, to 1,133.The index jumped 16.2% in its best week since March 3.Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increa

20 Apr 2023

Baltic Dry Index Logs Best Day in Over Five Weeks

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The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its biggest single-day gain since mid-March on Thursday, steered by higher shipping rates for all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 60 points, or 4.4%, to 1,432 — its biggest daily percentage rise since March 14.The capesize index snapped its four-session losing streak, up 135 points, or 8.2%…

30 Aug 2022

Baltic Dry Index Extends Dip

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The Baltic Exchange's main sea freight index fell for a fourth straight session on Tuesday as weakness in Chinese steel consumption took a toll on capesize demand, while rates for other vessel segments also retreated.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 65 points, or about 6%, to 1,017 points, a more than two-year low.The capesize index fell for the fourth consecutive session, shedding 74 points, or about 18%, to 337 points…

25 Aug 2022

Baltic Dry Index Slides Sharply as Capesizes Hit Two-year Trough

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The Baltic Exchange's main sea freight index registered its worst fall in three months on Thursday, weighed down by lower demand for coal and iron ore cargoes as steel output fell in China.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 90 points, or about 7.4%, to 1,123 points, a fresh low since Dec.

11 Jul 2022

Ship Breaking: Prices Leveling Off

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As we enter the traditionally quieter monsoon season, it is of little surprise to see recycling markets remaining inert and quiet, with rains / flooding hampering production at yards in Chattogram and Alang laborers returning to their hometowns as recycling activities come to a seasonal crawl. This may have inadvertently triggered the recent leveling of sub-continent steel plate prices as steel output diminishes and plate prices stabilize / firm in reaction, according to GMS.Although vessel prices have cooled off by $100/LDT in the sub-continent markets and about $250/MT in Turkey…

13 Jan 2022

China 2021 Iron Ore Imports Retreat from Record on Steel Curbs

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China's iron ore imports dropped in 2021, down 4.3% from the previous year's record annual high, as steel production curbs imposed to combat pollution dented demand and pulled prices of the key steelmaking material off historical highs.The world's top iron ore consumer brought in 1.12 billion tonnes of the commodity last year, compared with 1.17 billion tonnes imported in 2020, data from the General Administration showed on Friday.For December, China imported 86.07 million tonnes of the raw material…

30 Dec 2021

Chinese Uncertainties Continues to Weigh on Iron Ore Futures

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Dalian and Singapore iron ore futures rebounded on Thursday after three days of losses, but worries over demand for the steelmaking ingredient in top steel producer China kept benchmark prices near their two-week lows hit the day before.The most-traded May iron ore contract on China's Dalian Commodity Exchange rose 2.4% to 679 yuan ($106.59) a tonne by 0248 GMT. It touched 650.50 yuan in the previous session, its lowest since Dec. 15.Iron ore's most-active February contract on…

28 Dec 2021

Shipbuilding Drives Rise in Japanese Steel Output

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Japan's crude steel output is expected to rise 1.9% in the January-March quarter from a year earlier, helped by a recovery in manufacturing including shipbuilding and machinery, its Ministry of Economy, Trade and Industry (METI) said last week.This would mark the fourth straight quarterly increase and bring annual output for the financial year to March 31 to 97.07 million tonnes, up 17% from a year earlier when the COVID-19 pandemic pushed production to the lowest in about 50 years.METI estimated crude steel output at 24.15 million tonnes for the three-month period…

05 Nov 2021

Baltic Index Records Worst Week since July 2020 as Vessel Rates Drop

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The Baltic Exchange's dry bulk sea freight index dipped on Friday, registering its biggest weekly decline since July 2020, pulled lower by weakened rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 54 points, or 2%, to 2,715, its lowest since June 10. The main index suffered a weekly loss of 22.8%.The capesize index rose 59 points, or 1.8%, to 3,280, snapping an 11-session losing streak. It logged a weekly decline of 24.6%.Average daily earnings for capesizes…

09 Aug 2021

China Goes from Driver to Brake for Crude Oil, Iron Ore and Copper

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China has switched from driving global demand for major commodities to being a drag on growth, with July's customs data confirming the weakening trend for imports of crude oil, iron ore and copper.The exception to the trend was coal, but the sharp gain in July's imports of the polluting fuel are more a result of China having to go the seaborne market because of domestic policies that curbed local output.China, the world's biggest importer of crude oil, brought in 41.24 million tonnes in July, equivalent to 9.71 million barrels per day (bpd), according to official customs data released on Aug.

05 Aug 2021

Iron Ore Futures Fall as Chinese Demand Softens

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Chinese iron ore futures fell below a key 1,000 yuan per tonne level on Thursday, falling more than 5% to their lowest in more than two months as domestic consumption remains sluggish on steel production controls.The most active iron ore futures on the Dalian Commodity Exchange, for September delivery, plunged as much as 5.6% to 999 yuan ($154.54) per tonne, their lowest since May 27. They were down 4.6% to 1,009 yuan a tonne as of 0322 GMT."Domestic consumption (for iron ore) is weakening significantly...

26 Jul 2021

Iron Ore Stumbles as Rising Supply Runs into China Steel Discipline

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Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play - Chinese steel producer discipline and a recovery in supply of ore.The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract, dropped around 10% in the week to July 23, the worst weekly performance since February last year.The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid about 17% from its record high in May.Benchmark spot 62% iron ore for delivery to north China , as assessed by co

24 May 2021

China Lands Uppercut on Iron Ore Prices, But No Knockout Blow

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It's round one to China in its efforts to cool the red-hot iron ore and steel sectors, but victory in future rounds largely depends on making increasingly harder choices, and hoping factors beyond its control work in Beijing's favor.The catalyst for the chill was reports that China's government will strengthen what it termed the management of commodity supply and demand to curb "unreasonable" increases in prices - action that has so far seen the spot iron ore price retreat by almost 15% since its record high of $235.55 a tonne on May 12.The spot price of iron ore for delivery to North China…

30 Sep 2020

How the Major Dry Bulk Commodities Drive the Freight Market into Q4

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The world is in the midst of the second coronavirus wave and with that comes the natural question of how the current dynamics will play out for the dry bulk shipping market. Demand and the subsequent cargo flow of the major dry bulk commodities are critical for the freight market, as we enter the final quarter of the year.Iron ore…has without question performed well this year, on occasion even better than gold, driven by the robust demand generated by China, as the world’s leading iron ore consumer.

22 Mar 2021

Baltic Dry Index Rises to Over One-year High

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The Baltic Exchange's main sea freight index tracking rates for ships ferrying dry bulk commodities scaled an over one-year peak on Monday, propelled by higher rates across vessel segments, with panamax rates touching an over 10-year high.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 38 points, or 1.7%, to 2,319, its highest since September 2019.The capesize index advanced 38 points, or 1.6%, to 2,382.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, rose $314 to $

09 Feb 2021

Iron Ore Imports Outside China Show Signs of Recovery

Crane unloads iron or at a port - Credit; martinfredy/AdobeStock

The iron ore market is focused mainly on developments in China, which isn't surprising given the world's biggest buyer of commodities takes about 70% of global seaborne cargoes.But that other 30% does matter - and there are signs of a recovery in demand in the wake of the coronavirus pandemic.The total global volume of seaborne iron ore discharged at ports in January was 134 million tonnes, according to vessel-tracking and port data compiled by Refinitiv.This was up from 122.82 million tonnes in December and 125.18 million in November…

23 Apr 2021

Baltic Dry Index Books Biggest Weekly Gain Since Mid-February

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The Baltic Exchange's main sea freight index climbed on Friday to post its best weekly gain since mid-February thanks to higher demand for capesize vessels.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 38 points, or 1.4%, to 2,788, its highest since September 2010.The main index firmed 16.9% this week, its best since February 19.The capesize index gained 115 points, or 2.8%, to 4,192 - its highest since October 6, 2020.The index added 21.9% for the week, its best since March 5 and marking a fourth straight week of gains.

28 Jan 2021

Baltic Index Falls for Fifth Day

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The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for the fifth session in a row on Thursday, as rates waned for capesize and panamax vessel segments.The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 70 points, or 4.5%, to a three-week low of 1,470.The capesize index slipped for the sixth session in a row, shedding 200 points, or 9.3%, to a more than five-week trough of 1,945.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such