The Baltic Dry Index, which tracks rates for ships ferrying dry bulk commodities, kicked off August on a positive note underpinned by higher capesize and panamax demand. Metals and steel demand from the construction and manufacturing industry in China, the world's top metals consumer, has strengthened, as infrastructure investment has accelerated on the recent uptick in industrial activity. Still, a rise in new Covid-19 cases worldwide threatens to disrupt global supply chains once again.
Historically, Baltic Exchange Dry Index reached an all time high of 11793 in May of 2008. Baltic Exchange Dry Index - data, forecasts, historical chart - was last updated on August of 2020. source: Baltic Exchange
Baltic Exchange Dry Index is expected to trade at 1247.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 984.02 in 12 months time.