Capesize bulker rates slid on Wednesday as concerns over China possibly cutting steel output sent jitters throughout the market.

The Baltic Exchange’s Capesize 5TC of spot-rate averages across five key routes declined 6.9% on Wednesday to $14,528 per day to fall below $15,000 per day for the first time in almost two weeks.

The average spot rate for the C14 benchmark round-trip iron-ore route from Brazil to China fell the most of all rates for key ore routes on Wednesday, dropping 13% to $13,280 per day.