Iron Ore Shipping Rates Fall

Bloomberg reports that rates to ship iron ore fell for a ninth day on speculation Chinese steelmakers will cut back from record-high production as prices fall.

As quoted in the market report:

Daily earnings for Capesize ships hauling about 160,000 metric tons of the raw material slid 0.8 percent to $5,015, the lowest since May 1, according to the Baltic Exchange, the London-based publisher of shipping costs. That led the Baltic Dry Index, a broader gauge of commodities freight rates, down 0.7 percent to 830, 27 percent lower than a year ago, figures show.

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