Alloy Steel Inc. (fka AYSI)

[DaveinHackensack]

China demand aids Baltic Dry Index recovery

From yesterday's Financial Times:

Rising demand for raw materials in China has led to a sharp recovery in the Baltic Dry Index, the benchmark for freight costs for dry bulk commodities such as iron ore, coal and grains.

The Baltic Dry jumped 7.6 per cent to 3,164 points on Wednesday, pushing through the 3,000-points mark for the first time since October as shipping congestion outside China’s ports reached record levels with 80 Capesized vessels awaiting unloading.

Day rates for the Capesized vessels, which transport iron ore and coal have risen strongly in recent weeks, up from $22,000 at the start of May to $57,000 on Wednesday.

http://www.ft.com/cms/s/0/de5c85d4-4aea-11de-87c2-00144feabdc0.html