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May 13, 2021BALTIC DRY INDEX, MAY 2021 The BDI measures procurement costs of shipping raw materials by sea. When these costs go down, goods producers benefit from lower shipping costs, and consumers benefit from lower prices for finished products.
Recent Activity to May 13, 2021
- February 11, 2019: the BDI had reported a recent low of 595.
- September 4, 2019: the BDI had increased steadily to 2518.
- May 14, 2020: COVID-19 and high oil prices resulted in the BDI declining to a new recent low of 393.
- October 6, 2020, massive stimulus by China to restart the economy, and the reduction of oil prices resulted in the BDI rebounding to 2097.
- May 5, 2021: Since the beginning of October 2020, the BDI has increased to 3266.
QUOTES
THE BALTIC DRY INDEX RESURGES AS CHINA’S DEMAND FOR IRON ORE PICKS UP
"When China buys, prices tend to rally. Since dry bulk is primarily raw material input to the production of intermediate or finished goods, the BDI is viewed as an efficient economic indicator of future economic growth and production. The fact that the BDI is moving higher indicates that the global commodity market is gaining strength." GERDAU
https://www2.gerdau.com/market-update/baltic-dry-index-6
BALTIC DRY INDEX RISES TO HIGHEST LEVEL SINCE JUNE 2010
"May 5 [, 2021] (Reuters) – The Baltic exchange’s main sea freight index rose on Wednesday, its highest since mid-2010, boosted by gains across vessel segments."
“The dry bulk market continues its strong performance this year, supported in part by strong demand from grains trade, with the U.S. providing plenty of support.”
https://gcaptain.com/baltic-dry-index-rises-to-highest-level-since-june-2010/
REFERENCES
The Shipping News
The Baltic Exchange
Baltic Dry Index Commodities
Trading View
Bloomberg (interactive chart
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