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Baltic Dry Index shoots up to 1092 points

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LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities has shot up 1092 points level on Wednesday thanks to strong cape, panamax and supramax indices.

The Baltic Dry Index, which provides an assessment of the price of moving the major raw materials – such as coal, iron ore and grain – by sea by taking in 23 shipping routes, measured on a time charter basis, gained by another 42 points to 1092 points on Wednesday.

Capesize rates have surged in recent weeks due to an uptick in demand for iron ore from China as higher margins have boosted domestic steel output while the potential for a crackdown on emissions later in the year is attracting more Chinese buyers to the commodities market.

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