The Capesize iron ore freight market fell Tuesday, with only a few cargoes heard in the market. "The market is drifting downward for the moment," said a Chinese trading source. "There was more tonnage opening in the market yesterday [Monday] so sentiment is a bit weaker than a week before."

The Capesize market was on the rise last week, buoyed by healthy cargo volumes reported out of Western Australia.

On the Western Australia to Qingdao route, Rio Tinto was heard to have fixed a vessel named Battersea at $7.55/wet mt for February 23 arrival. The Marshall Islands-flagged 16,9391 dwt vessel was last at Rizhao port in China, and is currently bunkering in Singapore, according to a Platts shiptracking service, Cflow.

South Korean ship operator Donga was still in the market Tuesday, holding its bid at $7.65/wmt, unchanged from Friday, for a vessel arriving February 26.

Platts assessed the Western Australia to Qingdao route market at $7.65/wmt, down 10 cents from Monday.

There were few fixtures heard on the route from Brazil's Tubarao to Qingdao Tuesday. A 160,000mt ArcelorMittal cargo was heard done late in the Asian day Monday, at $19.50/wmt from Brazil's Sepetiba port to Qingdao for 25 February-6 March laycan.

"It was on a small unit so no differential needs to be applied," to normalize the rate to Tubarao, said a Singapore-based shipowner, who called the market between $19.25 and $20/wmt. Other market participants called the market at around $19.50/wmt.

Platts assessed the Tubarao to Qingdao route at $19.75/wmt, down 20 cents from Monday.

Rates on South Africa's Saldanha Bay to Qingdao route also slipped Tuesday, with bids heard at $13.50/wmt against offers of $14/wmt, the shipowner said.

South Korea's Hyundai Merchant Marine Co. was heard offering its 14,9155 dwt vessel Global Victory at low-$13s for a cargo, but was rejected due to its smaller vessel size, a market source said.

Platts assessed the Capesize Saldanha Bay to Qingdao route at $13.65/wmt, down 15 cents from Monday.

Owners are resistant to fix cargoes on cheaper rates and are holding on to their ships to the latest possible moment, a charterer said Monday.

"Owners are allowing the ship to bunker in Singapore while they wait till the last minute. They don't want to do low fixtures."

The charterer warned that owners that are waiting could be caught out with a more bearish market going forward.

"There could be a cyclone coming to West Australia, and it could push the market down further," he said.