Baltic Dry Index, again

An update on the Baltic Dry Index, from economist Ed Yardeni:

Has the Baltic Dry Index (BDI) hit rock bottom yet? Probably, though it has suffered a setback. The BDI plunged 93% to a new record low late last year, rebounding 247% by early March. It fell to its lowest level in more than two months yesterday on speculation Chinese demand for iron ore is fading. It tends to coincide with the trend and volatility of commodity prices. The CRB raw industrials spot price index is also higher this year, after plunging 40% from mid-May's record high through early December. Upswing in CRB, however, has stalled with the index moving sideways recently. In the past, BDI also coincided with Chinese imports plus exports of iron and steel which has dropped 51% in the three months ending February from its September peak. The two series have diverged significantly recently.