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The Baltic Dry Index, which tracks dry bulk shipping rates for coal, iron ore and grain, fell 14 points to 786 on Wednesday. It has dropped since China's Lunar New Year holiday reduced raw material imports, and it fell 17% in January.
Panamax rates bucked the trend by rising on stronger grain trade.
Lower dry bulk freight rates reduce the cost of moving grain to buyers, which can narrow export FOB spreads and weigh on ocean freight markets. Weak Chinese import demand is bearish for bulk commodity shipping.
news.metal.comFeb 3, 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.
