The capesize bulker spot market reached its highest point in seven weeks after making a leap on Tuesday that analysts tied to iron ore exports picking up out of Brazil and Australia.

The Baltic Exchange’s Capesize 5TC, a spot-rate average across five key routes, jumped 31.3% on Tuesday to $16,540 per day, marking the highest average since 2 August when the figure came in at $16,347 per day.

“Iron ore exports have surged over the last week, with Australian shipments up by 18% week on week to 18.9m