Independent journal on economy and transport policy
19:44 GMT+2
Shipping bottoming on China steel rebound
(China Daily)
July 27, 2010
By Alaric Nightingale and Alistair Holloway
Improving Chinese demand likely to ease transport industry glut
LONDON - The smallest profits in the commodity shipping market in 18 months may be ending as a rebound in steel and iron-ore prices signal improving Chinese demand that will ease the transport glut.
Chinese steel prices rose 4.7 percent last week, the most in 11 months. Derivatives for fourth-quarter iron-ore prices jumped 23 percent between July 9 and 21, Deutsche Bank AG said. Costs for leasing capesize ships used to carry iron ore will average $30,375 a day in the fourth quarter, from $12,755 now, according to the median in a Bloomberg survey of 18 analysts ...... Read more on China Daily
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