Capesize iron ore freight rates on established Pacific routes from Brazil, Western Australia and South Africa showed mixed movements Tuesday following a series of fixtures late Monday.

There was talk in the market of a fixture last concluded in the low $10s/wet mt late Monday on the Port Dampier to Qingdao route and some others at around $9.90/wmt on the Port Hedland to Qingdao route, all for early-December laycan, but these could not be confirmed.

Charterers were seen bidding in the high-$9s/wmt Tuesday for early-to-mid-December laycan with owners' rates seen topping $10/wmt.

Some market sources said they believed fixtures were unlikely to be concluded below $10/wmt for early-to-mid December laycan, but others argued that some miners were no longer seeking prompt fixtures.

"We hear charterers are now seeking vessels for second-half of December," a Singapore-based charterer said. "We are not sure who still needs an early ship." For late-December laycan, owners were looking to secure more fixtures at last concluded levels, but "miners are not really bidding seriously," the charterer added.

Platts assessed the Capesize iron ore freight rate from Port Hedland to Qingdao at $9.95/wmt Tuesday, up 25 cents from the previous day.

Also assessed was the Capesize iron ore freight from Brazil to Qingdao at $20.60/wmt, up 10 cents from the previous day.

There was talk in the market of a fixture having been concluded Monday in the mid-$20s/wmt on this route but this could not be confirmed.

Offers were seen in the $21-22/wmt range but bids were mostly at $20/wmt or in the "very" low $20s/wmt for mid-December laycan, sources said.

Some market sources attributed Tuesday's pick-up in freight rates on these routes to a continued uptick in the paper market seen so far this week.

Capesize iron ore freight rates however trended down on the Saldanha Bay to Qingdao route and were assessed at $15.70/wmt Tuesday, down 30 cents from the previous day.

A fixture was reported concluded late Monday in the mid-$15s/wmt along this route for mid-December laycan; this follows a fixture concluded by Anglo American last week at $15.95/wmt on this route, as reported.

"The Capesize market is getting more and more weird by the day," a Hong Kong-based charterer said, remarking on the short-lived upticks in prices seen in the past few weeks. "I think we can only say that the room for downside is limited," he added.

Source: Platts