Скачать или смотреть ⚓️ The dry bulk market has been staring at a major paradox this year

⚓️ The dry bulk market has been staring at a major paradox this year, China’s iron ore import demand amid adverse local market conditions. In its latest weekly report, shipbroker Intermodal said that “one of the more interesting paradoxes in today’s dry bulk market is unfolding in China’s steel value chain. On the surface, the story is about a sector under pressure, with crude steel output in the first three quarters of the year running below last year’s levels and demand still constrained by a weak property market and slower infrastructure spending. Apparent consumption is falling even faster, and Beijing is still pushing mills to respect output caps and avoid a new round of vicious price competition. Yet behind that, iron ore imports remain remarkably strong, port stocks are grinding higher, and Capes are finding plenty of employment on the Brazil–China and Australia–China runs. The question is why iron ore trade is holding up so well while steel production is clearly not in expansion mode”.

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