Singapore—The Capesize market was bustling with trade in the Pacific region while the Atlantic basin remained subdued, with participants adopting a wait-and-watch stance following the closure news of Vale Itabira mining complex. The freight rates in the Pacific market inched up for the eighth consecutive trading day though freight forward agreement market cooled off during Asian trading hours. Market players were cautious on coal shipments to China, especially from east Australia, due to Chinese coal import quotas. Both bunker price and iron ore price saw a correction June 9 after the rally on June 8.
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