The commodities market is experiencing significant fluctuations, particularly in the iron ore sector, which has hit its lowest level since last May, trading well below $100 a ton. Concurrently, the most active iron ore futures in China have dropped by 1.3%, marking the weakest performance since August, with steel rebars also down by 0.7%. Other commodities such as nickel (-0.5%), zinc (-0.3%), and INE crude oil (down 1.52%) have seen declines, while tin (+1.56%), copper (+1%), and aluminum (+0.1) recorded gains. In the shipping sector, container freight futures on the Europe route have increased by 3%, despite the Shanghai Export Containerized Freight Index based on Settled Rates for the Europe route dropping by 3.8% week-over-week to 2,437.19. This volatility in the commodities and shipping markets is occurring amidst concerns over China's economy, which is seen as stabilizing, though steel production has barely increased and port holdings have expanded to the highest level in a year.
The Shanghai Export Containerized Freight Index based on Settled Rates (Europe Route) dropped by 3.8% w/w to 2,437.19 on March 18. #China #Shipping #freight $SCFIS #RedSEA https://t.co/AWhNsa0YHT
Iron Ore Swings Near $100 a Ton With China Concerns to the Fore Economy seen as stabilizing but steel production barely higher Port holdings have expanded to the highest level in a year https://t.co/SOul61UrWq
Iron Ore can’t catch a break and down another 1.3%. Container freight futures up 3% (Europe route). https://t.co/Qut8p0xA3c
⚡The most active #IronOre futures drop by 1.3% in #China on Monday, to the weakest since August. #Steel rebars are down 0.7%. #Nickel -0.5%, #zinc -0.3%. #Tin +1.56%, #copper +1%, #aluminum +0.1. INE crude oil drops 1.52%. #OOTT https://t.co/RGEmZeb13n
Iron ore hit the lowest level since last May to trade well below $100 a ton https://t.co/tRUEXXYmqy
Updated data on #shipping #SuezCanal transits via the #RedSea https://t.co/jm8oZ4hhq5