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Chinese steel demand supports capesize spot rates

Robust Chinese steel production and increased volume of iron ore shipments from Australia have supported capesize freight rates in the past week. Meanwhile, shipments from Brazil have restarted after a subdued phase, boosting C3 benchmark rates

The Baltic weighted time charter average has rocketed up by more than 700% from $3,648 on June 1 to $29,395 a day on June 25

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