Baltic Dry Crashes To New Record Low As China “Demand Is Collapsing”
- Baltic Dry Crashes To New Record Low As China “Demand Is Collapsing”
by Tyler Durden, www.zerohedge.com
Despite a brief dead-cat-bounce late November, which Jim Cramer heralded as evidence of stabilization in China, the world’s best known freight index has collapsed to new all-time record lows this morning. Amid a persistent glut of ships and ongoing concerns about Chinese steel imports,The Baltic Dry has tumbled to 471 – the lowest level in at least 30 years.
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As Bloomberg adds, China, which makes about half the world’s steel, is on track for the biggest drop in output for more than two decades, according to data compiled by Bloomberg Intelligence…
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