Bulker rates are falling under pressure this week as Chinese steel groups push for a two-month boycott on iron ore imports, an analyst said Wednesday.

China Iron and Steel Association (CISA) and the China Chamber of Commerce and Metals (CCCMC) have launched a campaign to deny smaller Asian steel mills iron ore import licences, Commodore Research's Jeffrey Landsberg said in a note to clients.

"The effect that these policies are having on the capesize market has been negative and have partially cancelled out the support that increased Asian coal demand has brought to the market," the analyst said.

Average day rates for capesize bulkers fell by nearly $2,000 to land below $28,000 Wednesday.

"Interestingly, though, a moderate amount of capes have been chartered to carry iron ore from Australia and Brazil to China this week," wrote Landsberg.

CISA has asked domestic steel companies to implement a temporary boycott on iron ore imports from Vale, BHP Billiton and Rio Tinto in protest of proposed price increases and the mining industry's new quarterly pricing system.

"The prohibitively high iron ore prices have rekindled interests among [Chinese] investors to explore more iron ore resources at home," CISA said in a note posted to their website.

Commodore's analyst offered a glimmer of hope for shipowners taking the "wait and see" approach to chartering.

"A two-moth boycott of Australian and Brazilian ore is very unlikely but capesize rates would come under a good deal of pressure," said Landsberg. "But supramax rates would be supported as China would take more ore from India."