- Rise in bunker prices and oil prices supported rates
- Cautious buying activity witness amid uncertainty in India-China route
Iron ore freights to China showed diverse trend w-o-w on 24 April 2026. India-China route freight declined as cautious buying persisted amid weak overall sentiment, further pressured by soft iron ore demand signals from China and elevated port inventories, which limited fresh enquiries.
Capesize sentiment remained mixed across key routes, with Pacific activity weighing on the overall tone while the Atlantic showed relative resilience. In the Pacific, rates softened amid weak FFA cues and thin trading, despite healthy iron ore and coal cargo availability, reflecting subdued market engagement. In contrast, the Atlantic basin showed firmer undertones-Brazil-China rates were supported by fixtures at elevated levels, indicating steady demand, while South Africa-China also saw gains driven by improved cargo flow and tightening vessel availability.
A shipbroker stated, “Capesize rates softened slightly, while Panamax held steady but is beginning to show early signs of easing. Supramax continues to strengthen, widening the spread over Ultramax, and Handysize is also showing improving momentum.”
Route-wise updates
Market highlights
- Baltic index increase w-o-w: The Baltic Dry Index increased 150 points to 2,673, supported by stronger iron ore shipments and tighter vessel supply. Capesize jumped 289 points to 4,315 on firm miner-led demand and Brazil-China fixtures. Supramax gained 124 points to 1,522, driven by improved minor bulk flows and steady Asian demand.
- Bunker prices surge w-o-w: Bunker prices increased by $24/t w-ow to $763/t as of 24 April, from $739/t a week earlier, tracking firmer crude trends and steady demand across key bunkering hubs.
- Brent crude futures rise w-o-w: Brent crude oil (June 2026 contract) was last assessed at $104.53/bbl on 24 April, up by $8.3/bbl w-o-w from $96.16/bbl a week earlier, supported by stronger macroeconomic cues and supply-side developments.
- DCE iron ore futures up w-o-w: Iron ore futures on the Dalian Commodity Exchange (DCE) increased by around RMB 8/t ($1.1/t) w-o-w to RMB 786.5/t ($115.2/t) on 24 April, supported by improved steel margins, restocking demand from mills, and expectations of stable infrastructure-led demand in China.
Outlook
BigMint expects the freight market to remains cautiously mixed, with sentiment weighed by weak demand, soft FFAs, and limited trading activity, while underlying cargo flows and tightening vessel supply are expected to provide support and limit further downside.
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