The capesize bulker market fell sharply for the second consecutive week amid steadying prices for iron ore and coal.

The capesize 5TC, a spot-rate average weighted across five routes, plummeted 23% over the past week to $51,463 per day on Friday, matching the prior seven-day drop from $83,865 per day.

The rapid descent is a correction from a spot-rate "squeeze" caused by charterers scrambling for capesizes amid spiking iron-ore and coal prices, said John Kartsonas, founder of asset-management advisory firm Breakwave Advisors.