Main sea freight index at Baltic Exchange continues to advance to 888 points

LONDON (Scrap Register): The main sea freight index at Baltic Exchange for ships carrying dry bulk commodities continued to advance to 888 points on Thursday led by higher cape, panamax and supramax rates.
The Baltic Dry Index, which provides an assessment of the price of moving the major raw materials – such as coal, iron ore and grain – by sea by taking in 23 shipping routes, measured on a time charter basis, gained by another 29 points to 888 points on Thursday.
Data released this week showed that China has eliminated about 120 million tons of low-quality steel capacity in the first half of the year as part of its commitment to reduce emissions. 
The government plans to send inspection teams to check the results of the crackdown on the high-polluting low-end steel plants.