Capesize bulk carriers are earning below $10,000 per day on average as the steel sector struggles under the weight of China’s wobbly real-estate sector and economy.

The Baltic Exchange’s Capesize 5TC, an average of spot rates across five key routes, slipped 16.5% on Monday to $9,100 per day.

This is the first time the basket assessment has fallen below $10,000 per day since 8 February, when it was $9,969 per day.