Chinese Demand Increases, BDI Hits 7-Mo. High
May 19 (Bloomberg) -- The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. China’s imports of iron ore, used in steelmaking, jumped 33% in April, setting a record for a third month, the customs office said last week. The nation, the world’s biggest steel producer, is stockpiling commodities as part of a reallocation of its sovereign wealth, Brian Jackson, senior strategist at the Bank of Canada in Hong Kong, said yesterday.
MP: The Baltic Dry Index advanced again today (May 20), for the 14th consecutive day, rising another 21 points to 2,665.