MID-SHIP Fertilizer – Nov 20, 2024

November 20, 2024

Market Overview:
Last week, the capesize market showed improvement with robust activity in both basins, while Panamax, Supra, and Handy size segments traded within a narrow range. Panamax ended the week slightly up, whereas Supra and Handy sizes saw modest declines, with long vessel count lists weighing on all segments. Despite low activity levels in most segments, the Baltic Dry Index rose, driven by increases in capesize vessel rates. China’s coal imports surged by 29% year-on-year in October. Brazil’s grain exporters association, Anec, raised its November export estimates for corn, soybeans, and soymeal, although these projections remain below last year’s figures. The EU’s weekly wheat exports totaled 223,323 tons, a 30% decrease in the new marketing year compared to the previous year. Iron ore prices have been volatile as the market anticipates the impact of China’s recently announced economic stimulus on economic growth, amid concerns of increased iron ore supply, healthy inventory levels, and a slowdown in steelmaking at Chinese mills.

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