Capesize paper market started the week on bearish notes after a slight recovery from the trading near the floor on the previous week. News of US tariffs on steel imports and China’s lower iron ore imports in February certainly did not help the capesize market either and cast more doubts on the market outlook ahead.

This week saw the capesize paper market traded near to the floor, even before the announcement of raising US tariffs for all steel imports by 25%. Starting from Monday, capesize rates plunged due the lop side supply-demand situations, with more ship supply at the moment.