The Baltic Dry Index, a measure of shipping rates for dry bulk commodities such as iron ore, is plumbing new depths. The index dropped to 504 points on Thursday, a record low since its introduction in 1985. Seen by many as a gauge of health in global trade, the index is down more than 35 per cent this year. One reason for the downturn is slowing growth in China's demand for iron ore, which is used to make steel.
