The Baltic Dry Index, a measure of shipping rates for bulk goods, has foundered.

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Chinese prices of steel have risen by 20% since November, and the Baltic Dry Index, a measure of shipping rates and hence the demand for commodities, has more than doubled, although it is still 84% below its 2008 peak.

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The Baltic Dry Index, the most widely followed measure of shipping costs, collapsed in January and, after a brief rally, is now on a down trend again.

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The intent of the measure, which also would limit ammunition magazines to 10 rounds, was to "dry up" the supply of such firepower, she said.

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