Spot voyage fixtures for modern panamax rates for the benchmark US gulf to Japan route were quoted around $60-62 per tonne against $61.50-63 a week earlier.

"The price has been pegged slightly above $60 for the past two weeks and very little is going on now, but the present price levels are still very high," said a broker at a Japanese shipping company.

Brokers said the market was calmer now than it was last year despite recent surges in commodities prices, including soybeans and base metals.

Chicago Board of Trade soybean futures skyrocketed to near six-month highs on Monday as dry weather in key Brazilian soy-growing regions has been prompting active fund buying.

The shipping market was not too worried that dryness in the South American country would affect overall crop supplies.

Brazil is the world's second-largest supplier of soybeans next to the United States.

Some Japanese importers are expected to become active in shipping raw materials ahead of book closings for the fiscal year-end.

"Japanese importers appear to have mostly covered their demand for the year-end, but the idea that they will be in the market is having a psychological effect, keeping prices high," the second broker said.

The implementation of China's new import licence system to allow monitoring of iron ore imports from Tuesday has not affected freight rates so far, brokers said.

China is the world's biggest iron ore importer, taking in about 208 million tonnes last year.

Many iron ore sellers expect even stronger demand from the country in 2005.

Time-charter rates for the benchmark route from the US Gulf to Japan were quoted at $42,000-43,000 a day plus $700,000-800,000 ballast bonus, both little changed from last week.

Pacific time-charter rates were being traded at $38,000-39,000 a day, compared with $39,000-$40,000 last week.