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"Capes pick themselves off the canvas"Sam Chambers, September 2, 2022 Splash247.com "As predicted yesterday on this site by Dr Roar Adland from the Norwegian School of Economics, the cape market finally displayed signs of bottoming out. Having suffered one of the worst Augusts on record, capesizes showed some twitching of muscle yesterday, the key 5TC route firming by $1,382 a day to $3,887. “The tide seemed to change yesterday, with the physical market bottoming out and the paper boys buying on improved outlooks, despite dark clouds still weighing heavily on the market,” a market update from Norwegian broker Lorentzen & Co suggested this morning. With weeks to go until the Chinese leadership meets in Beijing for the likely rubber stamping of president Xi Jinping’s third term in office, focus is turning to how China can fix its economy, which has stumbled badly this year thanks to covid lockdowns and the implosion of the real estate market. The Chinese housing market is currently plagued by high debt among developers, a drop in sales, falling housing prices, and an increase in mortgage payment defaults. Residential housing accounts for 10-12% of China’s GDP and is one of the main uses of steel in China...." https://splash247.com/capes-pick-themselves-off-the-canvas/ |
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