Baltic Dry Index has worst week since OctoberSubmitted by SteveMT on Fri, 08/07/2009 - 14:01
Everything is getting better they are telling us...right.
Baltic Dry Index has worst week since October meltdown as Chinese demand slows
The Baltic Dry Index, which tracks shipping costs and is viewed as leading indicator for commodity prices, has had its worst week since the peak of the financial crisis last October, as Chinese demand slowed.
By Garry White
Published: 4:38PM BST 07 Aug 2009
The index fell from 3,350 to 2,772 this week – a fall of 17.2pc - as imports of iron ore and coal slowed down. The index is now 35pc lower than its 2009 high, hit on June 3.
Earlier this week Ian Ashby, head of iron ore at miner BHP Billiton, said at the Diggers & Dealers conference in Australia that Chinese restocking of iron ore was at an end.
Mr Ashby said that supplies at the country's ports were enough to sustain a month of consumption.