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You are here: Home → Archive → 2009 → October → Weekly Edition 15th of October 2009 → Steel mills abandoning spot market iron ore

Steel mills abandoning spot market iron ore

by Michelle Wiese Bockmann, London — last modified Oct 15, 2009 03:04 PM

RESURGENT iron ore demand from European and Japanese steel mills has underscored falls in the number of capesize bulk carriers hired on the spot market, as industrial giants emerge from the freight market collapse a year ago determined to take greater control of commodity and transportation costs.

Restocking mills have returned to using renegotiated contracts of affreightment and consecutive voyage contracts as they buy iron ore from miners under contract, brokers reported.
“A lot of iron ore is being shipped but you have seen a reduction –...

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