Iron ore volumes increased in September to nearly the same levels of the June high at 143 million tonnes. Interestingly, Capesize rates were below their monthly average high in June ($20,174), to $18,315 in September. Maybe other factors like are at play like congestion or the impoverished coal demand. Overall, iron ore is running at 10% above Q3 last year, demonstrating the comeback of the Chinese construction industry.
Coal on the other hand, continues to be the laggard at 11% down compared to Q3 last year. India Steam Coal is now back to pre-COVID-19 level of imports at 17 million tonnes, last seen in January this year. However, China’s demand for August and September is much lower spoiling the party.