The Tubarão-Qingdao freight rate, a key benchmark for Brazil-China iron ore shipments, has climbed to its highest level in recent years.
Shipbroker Banchero Costa said the rate reached $38.36 per metric ton this week, up 57 percent from the same period one year earlier. In January 2026, it was still near $20/mt.
Analysts said the rise reflects several factors: higher bunker fuel prices linked to the Middle East war, stronger seasonal steel demand from China's construction sector, and a volatile week in which tighter Pacific iron ore supply boosted demand for South Atlantic cargoes.
Sources said the Tubarão-Qingdao freight rate is likely to rise further in the coming weeks, with indications pointing toward $40/mt for October laycan.
