Issuing agency: China Association of the National Shipbuilding Industry
Column: Statistics
source: https://www.cansi.org.cn/cms/document/14570.html
Recently, the BDI (Baltic Dry Index) has gained momentum. The index has continued to rise since mid-May. On June 18, the BDI increased by 22.55% month-on-month, setting the largest single-day increase in history. On June 26, the BDI reported 1,749 points, an increase of 236% from the beginning of the month, setting a new high for the year.
BDI is an internationally accepted indicator for measuring dry bulk freight rates such as iron ore and coal, and is often used as a leading indicator of the macroeconomic situation. Previously, affected by the global COVID-19 outbreak and other factors, the BDI fell below 400 points in mid-May. In this regard, relevant experts said that the BDI nearly quadrupled in just over a month, indicating China's current strong demand for commodities such as iron ore and coal, and also reflecting the strong resilience and growth potential of the Chinese economy.
Experts believe that the current strong performance of BDI is mainly due to the rapid recovery of the domestic economy since the second quarter of this year, the increase in demand for iron ore from Chinese steel companies, and the increase in the production and export of Brazilian iron ore. Data show that the sea freight of iron ore from Brazil to Qingdao and the sea freight of iron ore from Australia to Qingdao have increased significantly. In addition, the increase in coal sent to China from the United States and Australia has also driven the rise of BDI.