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The Baltic Dry Index hit a three-year high of 1,503 on September 25 before falling to about 1,429 midweek. Chinese authorities began output cuts of sintering fines and pelletizing in steel cities including Tangshan, affecting roughly 20 million tonnes of steel, which reduced iron ore and coking coal import demand ahead of China's Golden Week holiday.
Chinese steel output cuts reduce seaborne iron ore and coal tonnage and soften freight demand, weighing on capesize rates and easing ocean freight costs for grain shippers in the near term.
maritimes.grSep 29, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
