The average rate of the freight between the port of Tubarão, in the Brazilian southeastern state of Espírito Santo, and the port of Qingdao in China, declined to $17.48/mt this week, reaching its lowest level in 2024.
According to a report by shipping brokers, Banchero Costa, the rate declined from $20.05/mt last week due to a challenging week with deterioration of rates and confidence, limited demand, and oversupply, creating an imbalance that pushed rates further down.
Three weeks ago, the rate was $25.78/mt, while a year peak of $31/mt was achieved in March.
A rate of $18.00/mt for iron ore shipment from Porto Sudeste, in the State of Rio de Janeiro, and Qingdao, was closed during the week according to Banchero Costa.
The Brazilian high grade iron ore, 65 percent iron contents, has closed the week at $119/mt, CFR China, slightly changed from $120/mt on December 9.
