Jefferies has dimmed its first-quarter outlook on dry bulk equities, based on China’s moves to curb steel production during the Lunar New Year and Winter Olympics in Beijing.

The US investment bank lowered price targets for Diana Shipping to $4.50 from $5.50 and Safe Bulkers to $4 from $5.50, while reducing earnings per share estimates (EPS) for all seven bulker stocks that it covers.

Jefferies also reiterated “hold” ratings for Diana and Safe but kept buy ratings for Eagle Bulk Shipping, Genco Shipping & Trading, Grindrod Shipping, Navios Maritime Partners and Star Bulk Carriers.