A firm amount of dry bulk cargoes came to the market last week, which has allowed capesize and supramax rates to find continued support. A total of 109 dry bulk vessels were chartered to haul dry bulk commodities in the spot market last week, 7 more than the previous week. However, while capesize and supramax rates have found support, handysize and panamax rates have remained under pressure. Panamax rates continue to come under the most amount of pressure, as the panamax market continues to see the largest amount of fleet growth. Capesize rates are now averaging $5,494/day, a increase of $323 (6%) from a week ago. Panamax rates are averaging $6,078/day, a decrease of $251 (-4%). Supramax rates are averaging $9,291/day, an increase of $187 (2%). Handysize rates are averaging $7,761/day, a decrease of $145 (-2%).

In the grain market, there remains a chance that imports of US wheat could come under moderate pressure in the near term. New tests have not found any additional genetically monitored US wheat, but tests are ongoing and Japanese and South Korean imports of US wheat remain suspended. Japan routinely imports approximately 3 million tons of wheat from the United States each year, and South Korea routinely imports approximately 2.5 million tons. Other large importers of US wheat including China, Mexico, the Philippines, and Egypt have not suspended imports.

In China, steel prices have finally found support after previously decreasing for 10 consecutive weeks. The average price of 3.0mm hot rolled coil in China is now 3,635 yuan/ton, 5 yuan more than a week ago. However, Chinese steel stockpiles remain well above last year's level. Chinese iron ore port stockpiles have continued to increase, and demand for imported spot iron ore cargoes has declined. 13 vessels were chartered to haul iron ore to Chinese buyers last week, 3 less than the previous week and 4 less than the trailing four week average.

Coal stockpiles at Qinhuangdao, China's primary coal transshipment port, have also continued to increase and demand for imported spot thermal coal cargoes has also declined. 11 vessels were chartered to haul thermal coal to Chinese buyers last week, 6 less than the previous week and 3 less than the trailing four week average. Coal stockpiles at Qinhuangdao currently stand at approximately 6.7 million tons, which is 600,000 tons (10%) more than a week ago. Qinhuangdao coal port stockpiles are finally approaching the critical 7 million ton level.