"Baltic index under iron ore pressureTHE Baltic Dry Index has...

"Baltic index under iron ore pressureTHE Baltic Dry Index has fallen for the 28th consecutive day on reduced demand for iron ore.

Freight rates for the largest classes of ships continue to drop.

The BDI, a barometer of shipping costs for commodities such as iron ore, coal and grain, was assessed 4 per cent lower on Tuesday from Monday at 2127, according to The Baltic Exchange.

This is down 49 per cent from 4209 on May 26, and near levels not seen since last September.

Depressed iron ore demand from Chinese steel mills has been pressuring shipping rates over the last month, with iron ore a key ingredient in steel production and the main product in dry bulk shipping.

Also, Chinese spot iron ore prices are near $US125 per tonne, a steep discount to the all-in cost of having it shipped from Australia, which is at $US155 per tonne."

Australian online

GBG has forward sold its ore I hope . Lets hope this makes us somewhat immune from this