In recent weeks the significant jump in the iron ore import volume into China has helped drive up the international dry bulk shipping market by a large margin. On May 13, the Baltic Dry Index (BDI) hit a record high for 2009, climbing to 2,332 points, up by 59 percent compared with early April, and marking a rise of 79 points compared to the previous day.
Due to the uncertainties in the global economic environment, the BDI has experienced significant fluctuations since falling to 663 points in December 2008, its lowest level in 22 years. After China released its RMB 4 trillion stimulus package, mills sought to supplement their stocks, resulting in a strong rebound in the BDI which reached 2,298 points on March 10, up 246.7 percent compared with the December level of 663 points. By April 8, however, the BDI had dropped down to 1,463 points. Since then, as a result of the surge in China's iron ore imports, the BDI has bounced back up again, reaching its new record high for the current year on May 13.