Freight rates soar as China feeds on iron ore

Newswire

By Nao Nakanishi HONG KONG, Nov 25 (Reuters) - China's hunger for steel is pushing dry cargo freight rates back up towards historic highs, with no let-up in sight through next year unless Beijing slams on the economic brakes. Shipping and steel industry officials say there is a global shortage of ships as iron ore, used for making crude steel, is again moving to China at a rate of more than 200 million tonnes a year, up by about 50 million tonnes from 2003. The Baltic Dry Index , a ...

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