The market for capesize bulkers has posted a second consecutive week of significant gains as China’s construction industry slowly gets going again, but iron ore demand is still below historical norms, analysts say.

The Baltic Exchange’s Capesize 5TC of spot-rate averages across five ket routes soared 45.2% over the last week to $18,293 per day on Friday, marking the highest point in nearly two months.

During the prior week, the 5TC skyrocketed 128% to $12,599 per day on 16 September.