The Baltic Dry Index Rises
The Baltic Dry Index (BDI) closed at 1,086 points during the week ended 10 March, a 147-point gain from the previous week, hitting levels not seen since December 2016.
According to MANA, china especially, continued to import a good amount of iron ore and coal, generating demand for Capesize bulk carriers.
The current trend shows a recovery from all-time lows in February 2016, when the BDI hit 290 points.
Italian broker Banchero Costa commented, "While the outlook of China's steel production has been generally uncertain, China's iron ore imports have shown continued strength."
China imported 1.025 billion tonnes of iron ore in 2016, up 7.5% year-on-year.