Baltic Dry Index hits record low

[Original_Intent]

http://www.bloomberg.com/news/articles/ ... owth-slump" onclick="window.open(this.href);return false;

The cost of shipping commodities fell to a record, amid signs that Chinese demand growth for iron ore and coal is slowing, hurting the industry’s biggest source of cargoes.

The Baltic Dry Index, a measure of shipping rates for everything from coal to ore to grains, fell to 504 points on Thursday, the lowest data from the London-based Baltic Exchange going back to 1985. Among the causes of shipowners’ pain is slowing economic growth in China, which is translating into weakening demand for imported iron ore that’s used to make the steel.

“The main issue is the lack of demand for iron ore from China,” Eirik Haavaldsen, a shipping analyst at Pareto Securities AS in Oslo, said by phone. “This market is looking like a disaster and the rates are a reflection of that. It is looking scary for the market and it doesn’t look like there is going to be any life in the market in the near term.”

[caddis]

I'm sure the stock market will continue to rally. Nothing to see here... @-) :-s

[Original_Intent]

I was sure this thread would get more response. I see many have viewed it, but not much to discuss. Maybe everyone has moved from Babylon and are busy on their Zion plans. I hope so.

Silver below $14 today and no post from Glen yet? Again, maybe he is busy on his Zion plans...I suspect in his case that is so.

[caddis]

Things have definitely changed around here.

[OCDMOM]

The price of metal has fallen so low. China isn't buying it anymore. Our local salvage yard has been holding on to all of it. He is waiting for the price to go up. I doubt it will.

[Col. Flagg]

The Baltic Dry Index could fall to zero while the Dow surges to 20,000... freaking hilarious! =)) The stock market right now gives new meaning to irrational exuberance and fraud!! :ymsick: