The capesize bulker market continued its steady plummet on Thursday, declining to a nearly seven-month low as China’s demand for iron ore remains weak.

The Baltic Exchange’s Capesize 5TC, a spot-rate average across five key routes, slid 20% during the day to reach 7,188 per day, falling below $8,000 per day for the first time since late January.

“At the heart of this year’s lower demand for capes has been the reduction in iron ore trades,” London-based Simpson Spence Young (SSY) wrote in a monthly shipping review released on Thursday.