China Dry Cargo Signals: April 2026

The Affinity China Dry Index declined to 95 in February 2026, reflecting a 17 per cent drop month-on-month amid seasonal trends, although it remains up 5 per cent year-on-year. Despite improving steel production and consumer confidence, weak manufacturing PMI and rising iron ore inventories negatively impacted demand. Chinese iron ore imports rose by 2 per cent in March, largely due to Australian shipments rebounding after cyclone disruptions, but overall imports fell 3 per cent year-on-year. While steel exports surged 26 per cent to 9.25 Mn T, the sector continues to face challenges from rising costs and shipment delays linked to geopolitical tensions in the Middle East.