The freight rate for iron ore shipments from Brazil to China has fallen to its lowest level in 2024, averaging $17.48 per metric ton this week, down from $20.05 the previous week. This decline is attributed to weak demand and oversupply, resulting in a significant drop from $25.78 three weeks ago and a peak of $31 in March. Additionally, a rate of $18.00 per ton was recorded for shipments from Porto Sudeste to Qingdao. Meanwhile, Brazilian high-grade iron ore remains steady at $119 per ton, slightly down from $120 on December 9.