The main sea freight index at Baltic Exchange for bigger vessels advanced to 739 points on Friday boosted by higher panamax rates.
Despite tighter control over L/C issuance pledged by warehouse warrants, the rising SHFE/LME copper price ratio boosted demand for bills of lading. SMM expects a rise in refined copper imports for July.
There has been some downward pressure detected in the German hot rolled coil steel market, according to MEPS. A number of service centres have financial difficulties as end-users press for reductions. Consequently, they in turn, are calling for discounts from the mills.