Week 43 29th October 2024

MARKET COMMENTARY: IN A NUTSHELL:

On 22nd of October the United Nations Conference On • UNCTAD forecasts continued growth in maritime trade, but
Trade And Development (UNCTAD) took place. The con- geopolitical tensions and economic uncertainties pose risks.
ference forecasted continued growth in maritime trade, (Page 1)
driven by demand for bulk commodities, gas, oil, and con- • The relationship between maritime trade and global GDP is
tainerized trade, but despite positive prospects, several evolving, with factors like trade protectionism and reshoring
downside risks, including the war in Ukraine, geopolitical influencing the trend. (Page 1)
tensions, and economic uncertainties, could impact the • Recent attacks on merchant ships in Ukrainian ports under-
growth trajectory. Geopolitical tensions and supply chain score the ongoing risks to maritime trade in the region.
disruptions pose significant threats. Increased tensions (Page 1)
could lead to supply shocks in global commodity markets, • WTI crude futures stabilized around USD 67.3 per barrel,
particularly affecting oil and grain shipping routes. The recovering slightly after a significant drop. (Page 8)
ongoing war in Ukraine and the challenges faced by the
Suez Canal and Red Sea routes could disrupt trade flows and drive-up prices in the near future. Economic factors can
also influence maritime trade. The medium-term outlook is influenced by both downside and upside factors. Downside
risks include a sluggish recovery in major global markets, tight monetary policies, and trade tensions. Upside factors
include a projected recovery in global trade, strong export performance in major Asian economies, and potential inter-
est rate cuts in the United States.
The relationship between maritime trade and global GDP has evolved. While maritime trade volumes have generally
grown almost as fast as the global GDP in recent years (in 2023, maritime trade volumes grew by 2.4 % and GDP out-
put grew by 2.7%), this correlation has been changing. Factors such as trade protectionism, regionalization, and the
reshoring of production have contributed to this shift. China and Western nations are prioritizing domestic energy re-
silience. China is expanding renewable energy, while the U.S. and EU are implementing policies to reduce fossil fuel
imports. To support domestic industries, trade measures like tariffs and subsidies are being used. These policies aim to
protect local producers and mitigate international competition, potentially impacting global trade and maritime
transport. According to UNCTAD, the future of maritime trade depends on a complex interplay of factors. The ongoing
geopolitical tensions, economic uncertainties, and structural changes in the global economy will continue to shape the
maritime trade landscape. While the outlook remains positive, the ability of maritime trade to maintain its growth tra-
jectory will depend on how these factors evolve.
Week Week Average Indices
A few days later, the resuming attacks on merchant ships ±%
43 42 2024 2023 2022
in Ukrainian ports come to confirm the UNCTAD’s predic-
tion that war in Ukraine still disrupts trade flows and BDI 1,410 1,576 -10.5% 1,836 1,387 1,941
pose a significant risk for seaborne trade growth. Since BCI 1,856 2,276 -18.5% 2,866 1,989 1,951
DRY

September 2024, five vessels have been struck by Rus- BPI 1,201 1,285 -6.5% 1,664 1,437 2,314
sian missiles, highlighting the ongoing dangers faced by BSI 1,240 1,250 -0.8% 1,286 1,029 2,027
maritime trade in the region. These attacks could disrupt BHSI 728 727 0.1% 712 582 1,193
1% of the world's dry bulk exports, leading to a potential
BDTI 1,036 1,043 -0.7% 1,128 1,144 1,388
WET

rise in food prices. Ukraine's grain exports remain crucial

BCTI 552 580 -4.8% 867 802 1,232
despite challenges. Despite facing Russian attacks,
Ukraine has continued to export grains and other agricultural products through a coastal corridor. However, the reli-
ance on this corridor, which is subject to limited sea routes and potential missile threats, makes Ukrainian exports vul-
nerable. The European Commission, Ukraine, and neighboring countries have been working to revitalize trade in the
region, focusing on the operational capacity of Ukrainian ports. The world's reliance on Ukrainian grains has de-
creased, but replacing its volumes would still be challenging. The limited number of large maize exporters and the
strained global wheat supply make Ukraine's exports particularly important.
Freight Market - Dry

Capesize: The C5TC avg is down by 5k/day at USD

15,395/day. Trip from Continent to F.East is down $/day Bulk Carrier 1y TC (Gearless)
by 14k/day at USD 33,225/day, Transatlantic R/V 35,000
CAPESIZE 1y TC KAMSARMAX 1y TC
is lower by 1.3k/day at USD 13,679/day, and Boli- 30,000
var to Rotterdam is lower by 1.4k/day at USD
25,000
17,772/day, Transpacific R/V is reduced by 5.6k/
day at USD 16,405/day. Trip from Tubarao to 20,000

Rotterdam is increased by 4.5k/day at USD 15,000

13,039/day, China-Brazil R/V is lower by 7k/day at 10,000
USD 14,845/day, from Saldanha Bay to Qinqdao
5,000
trip is up by 4.5k/day at USD 13,039/day. 1y T/C
Scrubber fitted Capesize is down at USD 22,700/
day, Eco 180k Cape is softer at USD 21,250/day.
Kamsarmax/Panamax: The Kmax P5TC avg closed $/day Bulk Carrier Spot Earnings (Gearless)
down at USD 10,813/day. The Pmx P4TC average CAPESIZE 5TC KAMSARMAX 5TC PANAM AX 4TC
55,000
is down at USD 9,477/day.Trip from Skaw-Gib to
F.East is softer by 10k/day at USD 18,291/day, 45,000

Pacific R/V is down by 1k/day at USD 11,589/day, 35,000

Transatlantic R/V is reduced by 5k/day at USD 25,000
8,475/day, Singapore R/V via Atlantic is decreased
15,000
by 4k/day at USD 11,389/day. Skaw-Gibraltar
transatlantic R/V (P1A_03) is softer by 5k/day at 5,000
USD 7,191/day, Skaw-Gibraltar trip to Taiwan-
Japan (P2A_03) is reduced by 9.7k/day at USD
16,802/day, and Japan-S. Korea Transpacific R/V
$/day Bulk Carrier 1y TC (Geared)
(P3A_03) is reduced by 1k/day at USD 10,287/day.
20,000
1y T/C for Kamsarmax is softer at USD 15,200/day, ULTRAMAX 1y TC SU PR AM AX 1y TC HANDYSIZE 1y TC
Panamax also softer at USD 13,700/day.
15,000
Ultramax/Supramax: The Ultramax S11TC aver-
age closed the week shade lower than its opening
at USD 15,807/day. The Supramax S10TC average 10,000
closed the week about 0.7k/day lower than its
opening at USD 13,635/day and the Baltic Supra-
5,000
max Asia S3TC average closed slightly lower than
previous week at USD 14,400/day. N.China one
Australian or Pacific R/V has marginally declined
at USD 14,138/day, USG to Skaw Passero is softer $/day Bulk Carrier Spot Earnings (Geared)
by 0.3k/day at USD 22,864/day. S.China trip via
ULTRAMAX 63 TC SU PR A58 10TC HANDY38 7TC
Indonesia to EC India is stable at USD 15,279/day, 20,000
trip from S.China via Indonesia to S.China pays
USD 13,900/day & Med/B.Sea to China/S.Korea is 15,000
reduced by 1.4k/day at USD 20,542/day. 1y T/C
rate for Ultramax is softer at USD 15,700/day, and 10,000
Supramax is softer at USD 15,100/day.
Handysize: The Handysize HS7TC avg closed the 5,000
week reduced by 0.5k/day at USD 13,098/day.
Skaw-Passero trip to Boston-Galveston pays shade
more at USD 10,457/day, Brazil to Cont. is 1.7k/
day less at USD 15,872/day, S.E. Asia trip to Spore/Japan is softer by 0.6k/day at USD 14,181/day, China/S.Korea/
Japan round trip is reduced by 0.3k/day at USD 13,650/day, and trip from U.S. Gulf to Cont. is reduced by 1.9k/day at
USD 15,293/day, while N.China-S.Korea-Japan trip to S.E.Asia is stable at USD 13,394/day. 38K Handy 1y T/C rate is
USD 14,250/day while 32k Handy 1y T/C is USD 12,050/day in Atlantic and USD 11,950/day in Pacific region.
29/10/2024 www.xclusiv.gr 2
Freight Market - Wet

VLCC: average T/CE ended the week down by 1k/ $/day Tanker 1y TC (Crude)
day at USD 37,869/day. Middle East Gulf to China VLCC 1y TC (Eco) SU EZMAX 1y TC (Eco) AFRAMAX 1y TC (Eco)
55,000
trip is also down by 1k/day at USD 34,581/day.
West Africa to China trip is a shade up at USD 50,000
40,915/day and US Gulf to China trip is up by 2k/
day at USD 38,112/day. 1y T/C Rate for 310k dwt 45,000
D/H Eco VLCC is USD 51,250/day. 40,000
Suezmax: average T/CE closed the week softer by
35,000
1.6k/day at USD 39,679/day. West Africa to Conti-
nent trip is a shade reduced at USD 37,201/day,
Black Sea to Mediterranean is down by 2.7k/day at
USD 42,156/day, and Middle East Gulf to Med trip Crude Tanker Spot Earnings
$/day
is reduced by 3k/day at USD 43,721/day, while trip VLCC (TD3C) SU EZMAX (TD6) AFRAMAX (TD7)
100,000
from Guyana to ARA is reduced by 3.5k/day at USD
34,610/day. 1y T/C Rate for 150k dwt D/H Eco Su-
ezmax is USD 46,000/day. 65,000

Aframax: average T/CE closed the week lower by

30,000
1.8k/day at USD 37,661/day. North Sea to Conti-
nent trip is up by 11.6k/day at USD 41,040/day,
Kuwait to Singapore is up by 3.8k/day at USD -5,000
37,339/day, while route from Caribbean to US Gulf
trip is down by 9k/day at USD 29,865/day. Trip
from South East Asia to East Coast Australia is $/day Tanker 1y TC (Product)
down by 1k/day at USD 31,525/day & Cross Medi- 60,000 LR2 1y TC (Eco) LR1 1y TC (Eco) MR2 1y TC (Eco)
terranean trip is down by 7.1k/day at USD 46,209/
day. US Gulf to UK-Continent is reduced by 7.6k/ 50,000
day at USD 37,070/day and the East Coast Mexico
to US Gulf trip is down by USD 11k/day at USD / 40,000

day. 1y T/C Rate for 110k dwt D/H Eco Aframax is

30,000
USD 43,750/day.
20,000
Products: The LR2 route (TC1) Middle East to Ja-
pan is this week lower by 6k/day at USD 20,850/
day. Trip from (TC15) Med to Far East is a shade
down at USD 5,980/day & (TC20) AG to UK Conti- $/day Product Tanker Spot Earnings
nent is down by 5k/day at USD 35,925/day. The LR2(TC1) LR1 (TC5)
105,000 ATL. BASKET (TC2/TC14) PAC. BASK ET (TC12/TC11)
LR1 route (TC5) from Middle East Gulf to Japan is
down by 3.1k/day at USD 14,544/day, while the 85,000
(TC8) Middle East Gulf to UK-Continent is down by 65,000
4.8k/day at USD 35,925/day and the (TC16) Am-
45,000
sterdam to Lome trip is marginally reduced at USD
5,980/day. The MR Atlantic Basket is decreased by 25,000
0.6k/day at USD 17,548/day & the MR Pacific Bas- 5,000
ket earnings are lower by 3.7k/day at USD 14,933/
day. The MR route from Rotterdam to New York
(TC2) is softer by 6k/day at USD 20,850/day, (TC6)
Intermed (Algeria to Euro Med) earnings are softer by 3.1k/day at USD 14,544/day, (TC14) US Gulf to Continent is
down by 3k/day at USD 10,271/day, (TC18) US Gulf to Brazil earnings are lower by 7k/day at USD 16,502/day, (TC23)
Amsterdam to Le Havre is lower by 1.2k/day at USD 15,902/day while Yeosu to Botany Bay (TC22) is slightly softer at
USD 8,231/day and ARA to West Africa (TC19) is down by 1.8k/day at USD 19,473/day. 1y T/C rate for Eco LR2 is USD
43,250/day, and Eco MR2 rate is decreased on a weekly basis at USD 28,500/day.
29/10/2024 www.xclusiv.gr 3
Newbuilding Market

Dry Newbuilding Prices ($ mills)

Capesize Kamsarmax
Average Prices Ultramax Handysize
Oct Oct 90
Size ±%
2024 2023 2024 2023 2022 80

76.1 65.0 17% 72.7 63.0 62.5 70

Capesize
60
Kamsarmax 39.0 36.1 8% 37.8 35.0 36.4
50
Ultramax 36.0 33.5 7% 34.9 32.8 33.4 40
31.5 30.6 3% 31.0 30.2 30.3 30
Handysize
Above prices/trends refer to Chinese shipbuilding 20
10

Tanker Newbuilding Prices ($ mills)

VLCC Suezmax Aframax

Average Prices Panamax MR2
Oct Oct 140
Size ±%
2024 2023 2024 2023 2022 120

VLCC 129.0 127.5 1% 129.5 124.2 117.2 100

Suezmax 89.5 85.0 5% 87.2 83.2 78.7 80

Aframax 74.5 68.5 9% 72.3 66.5 61.0 60

Panamax 61.5 56.8 8% 59.9 56.1 52.7 40

MR2 51.6 47.0 10% 49.9 45.9 42.3 20

Above prices/trends refer to S. Korean shipbuilding

Newbuilding Activity:

NEWBUILDING ORDERS
PRICE
TYPE UNITS SIZE YARD BUYER DELIVERY COMMENTS
($ mills)
TANKER 2 50,000 DWT ZHOUSHAN CHANGHONG HORIZON TANKERS 45 EACH H2 2027 DECL. OPTION
TANKER 1 320,000 DWT NIHON IINO KAIUN KAISHA 130 2027 METH. READY
CONTAINER 6 16,600 TEU HUDONG ZHONGHUA SEASPAN 150 EACH 2027-2028 SCRUBBER FITTED
CRUISE 2+4 54,300 GT FINCANTIERI VIKING OCEAN CRUISES N/A 2030
BC 2 64,000 DWT SUMEC NEW DAYANG EAM 35.5 EACH H2 2027
CONTAINER 4 16,000 TEU HYUNDAI SAMHO WAN HAI 200 EACH N/A
CONTAINER 4 16,000 TEU SAMSUNG WAN HAI 200 EACH N/A
TANKER 4+2 25,900 DWT JINLING AVIC LEASING N/A 2027 - Q1 2028 STST
PSV 2 N/A FUJIAN MAWEI CAPITAL OFFSHORE 43 EACH 2026-2027

29/10/2024 www.xclusiv.gr 4
Sale & Purchase

DRY SECONDHAND PRICES ($ mills) Dry S&P Activity:

Oct Oct Average Prices Following the previous weeks high interest on the
±%
2024 2023 2024 2023 2022 Capesize sector, this week, another 14-year-old, the
“Hero” - 178K/2010 SWS, found new owners for USD
Resale 76.6 62.5 23% 75.7 61.4 59.1 26.5 mills. Moving down the sizes, this week, we noted
5 Year 64.0 48.1 33% 62.1 49.1 49.1 an interest for modern Ultramax, with the Scrubber
Capesize
10 Year 44.9 29.4 53% 43.1 30.4 32.4 fitted “Greenwich Pioneer” - 64K/2020 Nantong Xiang-
15 Year 28.6 20.4 40% 28.0 19.7 20.7 yu changing hands for excess USD 32 mills basis deliv-
Resale 41.1 37.4 10% 42.2 37.9 40.6 ery upon completion of her TC in Q1 2025. Moreover,
5 Year 35.5 31.9 11% 36.9 31.8 31.8 Greek buyers acquired the Scrubber fitted “August
Kamsarmax
10 Year 25.5 23.4 9% 27.9 22.9 25.3 Oldendorff” - 61K/2015 JMU and the “Alwine Olden-
15 Year 16.8 16.0 5% 18.5 15.2 16.9 dorff”- 61K/2014 JMU for USD 50 mills enbloc. A
Resale 41.0 35.9 14% 40.8 36.2 38.4 strong preference was also observed for modern
Ultramax 5 Year 36.0 29.1 24% 34.7 29.7 29.7 Handysizes this week, with clients of Denholm acquir-
10 Year 24.8 19.8 26% 26.4 19.6 21.7 ing the “Blue Ocean” - 41K/2023 JNS for excess USD
Supramax 15 Year 16.0 13.6 18% 16.0 14.4 16.5 30 mills. Furthermore, the OHBS “Ultra Bosque” -
Resale 34.0 31.8 7% 34.0 31.0 31.0 40K/2020 JNS was sold for USD 27.5 mills to Turkish
5 Year 27.0 24.8 9% 27.5 25.2 25.2
buyers, while Turkish buyers also acquired the Ice
Handysize Class 1C “Interlink Nobility” - 40K/2017 Taizhou Kouan
10 Year 20.0 16.7 20% 20.0 17.2 18.2
for USD 25.25 mills. Last but not least, the “Pos Ocean-
15 Year 12.4 10.0 24% 12.3 10.9 11.8
ia” - 28K/2012 Imabari for USD 10.5 mills.

BULK CARRIER SALES

PRICE
NAME DWT YEAR COUNTRY YARD BUYERS COMMENTS
($ mills)
HERO 178,076 2010 CHINA SWS UNDISCLOSED 26.5
SCRUBBER FITTED, BASIS TC
GREENWICH PIONEER 63,674 2020 CHINA NANTONG XIANGYU UNDISCLOSED EXCESS 32
FREE DELIVERY Q1 2025
AUGUST OLDENDORFF 61,090 2015 JAPAN JMU SCRUBBER FITTED
GREEK 50 ENBLOC
ALWINE OLDENDORFF 61,090 2014 JAPAN JMU SCTUBBER FITTED
VIRONO PRIDE 58,761 2009 PHILIPPINES TSUNEISHI CEBU CHINESE 15.2
BLUE OCEAN 40,567 2023 CHINA JNS DENHOLM SHIPPING EXCESS 30 OHBS
ULTRA BOSQUE 40,261 2020 CHINA JNS TURKISH 27.5 OHBS
INTERLINK NOBILITY 40,098 2017 CHINA TAIZHOU KOUAN TURKISH 25.25 ICE CLASS 1C
DISCOVERY 37,019 2012 CHINA ZHEJIANG OUHUA UNDISCLOSED 14 ICE CLASS 1C
POS OCEANIA 28,190 2012 JAPAN IMABARI UNDISCLOSED 10.5
INDIAN OCEAN 36,009 2011 CHINA SAMJIN INDONESIAN 12

29/10/2024 www.xclusiv.gr 5
Sale & Purchase

TANKER SECONDHAND PRICES ($ mills) Tanker S&P Activity:

Oct Oct Average Prices On the tanker S&P activity, the interest was mainly
±% focused across Panamax/LR1 sector. Greek buyers
2024 2023 2024 2023 2022
acquired the LR1 “Fulham Road” - 75K/2013 STX for
Resale 149.0 124.8 19% 143.3 125.1 106.5
USD 44.6 mills. 3x Ice Class 1A Panamaxes, the “Ice
5 Year 115.5 98.4 17% 113.3 99.7 99.7 Energy”- 70K/2006 Onomichi, the “Ice Victory” -
VLCC
10 Year 86.0 73.8 17% 83.8 75.1 56.7 70K/2006 Onomichi and the “Ice Fighter”- 70K/2006
15 Year 56.5 57.0 -1% 57.6 58.6 41.7 Onomichi were sold for USD 72 mills enbloc. Last but
Resale 99.5 92.5 8% 98.6 88.5 74.9 not least, the LR1 dirty trading “Octa Lune” -
5 Year 81.0 75.6 7% 82.5 72.0 72.0 73K/2005 HHI was sold for low USD 20’s mills to Chi-
Suezmax
10 Year 66.1 59.9 10% 67.1 56.3 39.3 nese buyers
15 Year 46.0 43.1 7% 48.5 40.9 28.5
Resale 85.4 81.8 4% 84.5 78.6 65.1
5 Year 71.0 69.7 2% 71.9 64.5 64.5
Aframax
10 Year 58.8 54.2 8% 59.2 51.6 35.3
15 Year 42.0 38.3 10% 42.6 38.1 25.1
Resale 56.5 50.6 12% 54.3 49.6 43.0
5 Year 47.5 42.8 11% 46.2 41.6 41.6
MR2
10 Year 37.9 32.7 16% 38.2 33.0 24.7
15 Year 26.5 23.8 11% 27.1 23.2 16.0

TANKER SALES
PRICE
NAME DWT YEAR COUNTRY YARD BUYERS COMMENTS
($ mills)
FULHAM ROAD 74,986 2013 S. KOREA STX GREEK 44.6 COATED
ICE ENERGY 70,377 2006 JAPAN ONOMICHI ICE CLASS 1A
ICE VICTORY 70,372 2006 JAPAN ONOMICHI UNDISCLOSED 72 ENBLOC ICE CLASS 1A
ICE FIGHTER 70,347 2006 JAPAN ONOMICHI ICE CLASS 1A
OCTA LUNE 72,910 2005 S. KOREA HHI CHINESE LOW 20’s COATED, DPP
HUITONG 78 12,476 2012 CHINA ZHOUSHAN ZHAOBAO UNDISCLOSED 7.2 ICE CLASS II

29/10/2024 www.xclusiv.gr 6
Demolition Market

Dry Demolition Prices ($/LDT)

Week 43 Week 42
India Bangladesh Pakistan Turkey 500 465 475 460 470 460 470
700
450
600 400
350 320 320
500
300
400
250
300 200
150
200
100
India Bangladesh Pakistan Turkey

Tanker Demolition Prices ($/LDT)

Week 43 Week 42
India Bangladesh Pakistan Turkey
700 550
500 475 485 470 480 480 490
600 450
400
500
350 330 330
400 300
250
300
200
150
200
100
India Bangladesh Pakistan Turkey

DEMO SALES
PRICE
NAME TYPE YEAR DWT LDT COUNTRY BUYERS COMMENTS
($/LDT)
CHOLA HARMONY BC 1999 73,941 10,317 JAPAN N/A BANGLADESH
VENIA BC 2001 171,448 23,118 S. KOREA N/A PAKISTAN
ALI A GC 1980 7,107 2,578 JAPAN N/A INDIA
CAPT. OSAMA GC 1981 11,683 5,207 JAPAN N/A INDIA
GRAND MBA GC 1983 1,020 154 DENMARK N/A TURKEY
MILA GC 1972 3,193 1,581 CZECHOSLOVAKIA N/A TURKEY
MUSA OBA GC 2002 18,855 6,769 TURKEY 460 INDIA
MSC EYRA CONTAINER 1982 21,370 10,655 GERMANY 491 INDIA

29/10/2024 www.xclusiv.gr 7
Commodities

COMMODITIES AND CURRENCIES Bunker Spread Diff %

Energy Price Weekly YoY Prices VLSFO IFO380 MGO VLSFO- Spread Spread
Crude Oil 67.83 -5.39% -5.27% (in $) IFO380 w-o-w w-o-w
Brent 71.83 -5.52% -6.75% Singapore 584.00 482.00 653.00 102.00 -14.5 -12.4%
Natural gas 2.84 22.99% 22.15%
Rotterdam 524.00 501.00 657.00 23.00 -44.0 -65.7%
Gasoline 1.98 -4.27% -6.88%
Heating oil 2.14 -4.22% -14.26% Fujairah 569.50 454.50 749.00 115.00 -13.0 -10.2%
Ethanol 1.52 -2.72% -8.77% Houston 530.00 474.50 656.00 55.50 -10.5 -15.9%
Naphtha 646.48 0.87% 1.87%
Propane 0.71 -0.58% 5.86% • In the U.S., the Dow Jones Industrial average decreased by
Uranium 80.50 -2.54% -11.54% 2.7% at 42,114 points, S&P 500 went down by 0.96% at 5,808
Methanol 2,431 0.96% -0.86% points and NASDAQ rise by 0.15% at 18,518 points. In Europe,
TTF Gas 42.54 3.58% 31.52% the Euro Stoxx50 closed down by 0.87% at 4,943 points and
UK Gas 106.71 4.23% 32.21% Stoxx600 down by 0.77% at 521 points mark. In Asia, the Nik-
Metals kei closed the week at 37,914, losing 2.74% on a weekly basis,
Gold 2754.99 0.30% 33.57% while Hang Seng went down by 1.03% at 20,590 points mark
Silver 34.16 -1.62% 43.78% and the CSI 300 index closed the week at 3,956 points, 0.79%
Platinum 1053.40 2.15% 6.65% higher than previous week.
Industrial • WTI crude futures stabilized around USD 67.3 per barrel, re-
Copper 4.39 1.01% 13.18% covering slightly after a significant drop the previous day. The
Coal 144.50 -0.76% -1.30% sharp decline was triggered by reports of Israel's retaliatory
Steel 3285.00 1.51% -16.37% strike on Iranian military sites, which avoided oil and nuclear
Iron Ore 104.15 -1.03% -23.63% facilities. As tensions between Israel and Iran appear to be de-
Aluminum 2,675 1.36% 12.21% escalating, with Netanyahu expressing openness to a tempo-
LithiumCNY/T 71,500 0.00% -25.91%
rary truce, risk premiums have eased, further impacting oil
Currencies prices.
EUR/USD 1.08 0.24% -1.93%
GBP/USD 1.30 0.00% 1.98% • Iron ore prices with a 62% iron content declined to a one-
USD/JPY 153.40 1.47% 8.73% month low of around USD 104 per ton in late October. This
USD/CNY 7.16 0.28% 0.45% decline was primarily driven by investor anticipation of poten-
USD/CHF 0.87 0.02% 2.88% tial stimulus measures from the upcoming National People's
USD/SGD 1.32 0.59% 0.39% Congress in China. Additionally, falling domestic steel prices in
USD/KRW 1385.55 0.60% 7.07% China, which reduced the profit margins of Chinese steel mills,
USD/INR 84.09 0.01% 1.09% further pressured iron ore prices.

Crude Oil Iron Ore

29/10/2024 www.xclusiv.gr 8
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