Singapore—The Capesize market saw a busy trading day in the Pacific basin on Sept. 29, with freight rates edging up, while the Atlantic basin was lukewarm as standoff between charterers and owners continued. Market sentiment was supported by the thriving freight derivative market and owners were holding up their offers. "Seems the market is strengthening again," said a Greece-based shipbroker. The shipping market is expected to be active before the "holiday week" in the Far East, he added. Iron ore prices rebounded on the back of expectations of stronger iron ore demand after the Chinese Golden Week holidays in October. A China-based shipbroker said that steel mills would have stronger demand for Brazilian iron ore, which is relatively undervalued to Australian cargoes.
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