Signs China iron ore boycott starting to bite
With just one iron ore bulk fixture on Monday, it could signal that a proposed Chinese boycott of iron ore is starting to take effect. Last week the China Iron and Steel Association called for a two month boycott of iron ore imports from top global miners in protest over their monopoly of the global market.
While the proposed boycott had little impact last week Monday saw just one iron fixture, a supramax, from India to China. Commodore Research & Consultancy noted that on a normally slow chartering day at least three iron fixtures come to market.
?Our most recent report pointed out that - contrary to many reports last week - Chinese ore fixtures actually remained firm last week. We did strongly suggest, however, that ore fixtures could decline this week and that a short boycott was very possible,? Commodore Research said.