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Dry Bulk Market Long Haul Cargoes of Iron Ore Could Dwindle

A severe reduction of Chinese steel prices could lead to diminished demand for long haul charters of iron ore which in effect could trigger losses in the Capesize dry bulk market. In a recent report shipbroker Banchero Costa noted that  Chinese steel prices saw a dramatic fall of over 20 percent in November narrowing margins for steel mills that had been enjoying profits over the past 1+ years. A recent rally is largely expected to be temporary knee jerk reaction to the trade ceasefire between China and the U.S. over the weekend. Demand from the construction sector typically slows down during the winter months and this has compounded with concerns of oversupply due to more lenient production curbs this winter.

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