Average spot rates across dry bulk shipping fell on Wednesday as global demand for steel continues to wane on the back of a weakening worldwide economy.

The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes declined 3.53% on Wednesday to $15,637 per day.

“The capesize market was underwhelming in its fixing activity today as rates continued to ebb away,” Baltic Exchange analysts wrote on Wednesday.