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Shipping rates lose direction

February 25, 2010 - 00:00 GMT

KEYWORDS: Baltic dry index , shipping rates , capesize , Chinese coal , iron ore

Baltic Dry Index flat as world waits for China to return to work after New Year

 

News agency, Dow Jones, cited Umetal analyst Hu Kai as saying BHP had agreed an interim price with several Chinese steel producers, but Kai said he had been misunderstood.

 

"I only said some Chinese steel mills bought iron ore this January at a spot price 40% higher than last year's benchmark price. There was no interim price deal," Hu explained to China Daily news.

 

Many analysts expect benchmark prices to increase this year, signalling Chinese steel demand is growing and therefore raising dry bulk shipping rates, but talks have been strained...

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