It is reported that the Baltic Dry Index, a measure of commodity-shipping rates has declined for 21 straight days and hit the lowest since February 1999. The index tumbled to 815 points on Wednesday off 93% from the peak on May 20th of this year.

On November 5th iron ore shipping cost for Brazil-China route drops to USD 10.333 per tonne while the fixture for West Australia to China plunges to USD 4.768 per tonne down by 90% and 89% from the highest rate posted on May 20th.

Market analysts note that plummeting shipping cost would tip in favor of Chinese steelmakers in the upcoming benchmark ore talks.

(Sourced from MySteel.net)