As of December 17, 2025, the Baltic Dry Index (BDI) closed at 2121 points, down 693 points from December 4, a decline of 24.63%. Among them, the Capesize Index (BCI) fell by 1625 points, a decrease of 30.55%, and the Panamanian Index (BPI) fell by 383 points, a decrease of 20.56%.

Iron ore market, the volume of iron ore shipments from abroad increased by 2.24 million tons to 35.925 million tons, the overseas iron ore shipments were strong, and the volume of domestic iron ore arrivals increased significantly. In terms of demand, the daily iron water production decreased by 31,000 tons to 2.292 million tons, and the iron water production fell below 2.30 million tons. The steel market is in a consumption off-season, steel mills have poor profit levels, and they actively maintain inspections and reduce production, which continues to reduce steel production and suppresses iron ore demand. In terms of inventory, the iron ore inventory at ports continues to increase, steel mills have a weak desire to restock, and restocking is mainly based on demand, and the iron ore inventory of steel mills has decreased. In summary, the supply of iron ore is strong and the demand is weak, the iron ore port inventory continues to climb, the fundamentals are weak, and it is expected that the iron ore price will continue to weaken.

Coal market, the recent import coal market has shown a general trend of weakness, with prices under pressure to decline, and the terminal purchase is mainly for essential needs, and the market trading mood is relatively cautious. The arrival cost of imported coal still has a certain advantage over domestic coal, but the traders' willingness to hoard goods has weakened, and the pressure to ship goods is relatively large. The domestic power plants and port stocks are in the middle and high position, and the terminal purchase is mainly for essential needs to pressurize the price, and the demand recovery in non-electric industries is slow.

Grain market, the recent grain import market has shown a complex situation of sufficient supply and cost pressure, and the performance of different varieties has varied. Although the supply is sufficient, the support at the cost end has loosened. Due to the need to fulfill the previously signed soybean meal basis contracts, oil mills still need to purchase raw materials to ensure production, resulting in a "break-even dilemma" at the current price.

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