According to the Wuhan Shipping Exchange, the ships overstocking in some ports continued this week. At the same time, due to the approaching of the Spring Festival, the production of major steel mills slowed down, the inventory of raw materials was sufficient, the willingness of replenishment was not strong, and the transportation demand was significantly weakened.
The iron ore volume of Wuhan Shipping Exchange is 43.48% lower than that of last week, and the freight rate fluctuates slightly. Among the typical routes, the freight rate of Wuhan route has declined due to the influence of supply and demand of transport capacity, while that of other routes has increased steadily.
Source: translated by editor
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