Ending 2023 with a week at 1.6Mt/wk, up +167% YoY, the pace started 2024 with another strong week at 1.3Mt/wk, +124% YoY! Consequently, SGX Feb’24 contract retraced -12.5% from its peak at 143.5$/t on 03-Jan down to 125$/t today. Whilst that performance affected negatively the pricing of the marginal tonne of iron ore, it might also have started contributing to support spot rates for Panamax in the Pacific!
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