Freight market

摘要

Global CFI has stabilized in late August - early September. A $0.08/t decrease in Black Sea freight rates has been completely offsetby a $0.39/t rate growth in the Azov Sea after Eid al-Adha. Small-tonnage rates have not changed in the Mediterranean and BalticSeas, as well as in the Far East.At the same time, the ISM Commodity Index has sagged by 3 points this week amid a further decrease in export prices forBlack Sea wheat and barley. Importers had already purchased significant volumes of grain, so many of them decided to postponeconcluding new contracts until the quotes fell as low as possible. Demand for CIS-origin square billets remains generally weak inthe MENA countries, though a slight drop in export prices has spurred trade slightly. Exports of Turkish square billets are lively,but cargoes are mainly carried to Asia by large-tonnage fleet. Demand for steel scrap remains rather strong in Turkey; local importersmainly buy cargoes from the EU, and occasionally from the USA, Romania and Bulgaria.