On February 5, the Baltic Dry Index (BDI) ballooned 15 percent or 168 points, marking the biggest daily increase since 1985. By the end of trading on February 5, the BDI stood at 1316 points, a jump of almost 30 percent compared with the level of 1070 points on January 30, 2009.
The strong performance in BDI index is a kind of market correction to the previous excessive BDI slump. Moreover, the mills' recent price hike has greatly improved the market confidence in recovery of iron ore demand.