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| Brokers predict BDI rally |
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| PostTime:2010-03-09 07:50:02.0 View:44 |
| BROKERS are predicting a short-term seasonal rally by the Baltic Dry Index as surging industrial activity in China triggers restocking and higher demand for drybulk imports. The BDI surged by 16.2% late Friday to 3242 points, according to the Baltic Exchange. On a year-on-year basis, the BDI has risen by 49.8%. The index is forecast to extend gains over the coming weeks, mainly due to the restocking of iron ore and coal in China and cost increases for iron ore imports, said brokers quoted by the Baltic Exchange. Major iron ore miners, such as Vale, Rio Tinto and BHP Billiton, are expected to increase prices significantly from the end of March or by early April, the brokers added. |
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