Baltic Dry Index falls below 3000

The Baltic Dry Index fell 5% today and has broken below 3000 for the first time since Oct 28th and follows the recent correction in Chinese/Hong Kong equities. The market pullback has been of course due to policy steps to slow lending growth and tame the growing property/construction bubble that is heavily reliant on steel and thus iron ore and iron ore is the key commodity in dry bulk.

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