FIS API Blog
Further signs of weakness have appeared in the forward airfreight price, as rates out of Hong Kong into the US have completely collapsed. Congestion remains in Shanghai, as cargo gets backed up across a number of the core mainland Chinese airports. China has locked down a second city this week (Jilin), on reports of new …
Continue reading “Clear skies but airfreight outlook is anything but”
Freight prices jumped on Monday with front month Capesize futures up over 10% on anticipation of a large stimulus package out of China later this week. This created a knock-on effect into the smaller vessels with the Panamax front month futures up over 5%. Oil futures performed well with a USD 3.00 move higher, as …
Continue reading “Commodities Bounce Back on Chinese Stimulus Anticipation and Vaccine Hopes”
Iron ore futures soared on Monday on supply-side concerns as major producer Brazil becomes a global hotspot for coronavirus. The country has now close to a quarter of a million cases, the four largest total case count, and a death of over 16,000. According to shipping activity models by Westpac, supply from Brazil has fallen …
Continue reading “Steel on the march as Brazil supply, port stocks fall”
Chinese futures rose on better Chinese iron ore demand, while tight port inventory and slow shipment continued to support price upticks. As such, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, jumped by 5.41% on-day to RMB 691.50 per tonne on Monday. Following the rally, the steel rebar …
Continue reading “DCE rallies on high demand and tightening supply”
Capesize market seemed to turn around on better freight rates in key routes as cargoes volume returned. Thus, the Capesize 5 time charter average recorded at $2,394 on Friday, up by $402 day-on-day. Despite the rebound, Capesize rates were still almost in historical all time low, thus it may be too early to conclude that …
Continue reading “Capesize turns the corner with robust Pacific routes”
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output – roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments …
Continue reading “OPEC+ battles to cut, investors bet to buy”
