Of particular interest was the observation that the surge in demand tonne days for capesize vessels, noted since mid-October, played a pivotal role in creating a more robust freight environment. That, in turn, contributed to a more optimistic outlook as the end of the month approaches.
Meanwhile, iron ore prices have started to find a firmer environment with positive news on the Chinese economic stimulus drive. According to mining.com news, iron ore experienced a remarkable rally, reaching its highest intraday price since February, driven by growing optimism about demand. The key steelmaking commodity rose by up to 2.3% in Singapore, after gaining 2% the previous day. This momentum was fuelled by an editorial in the state media, which emphasised that the funds from the ¥1 trillion (US$140 billion) bond issue announced by Beijing should be used immediately for construction projects.
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