Chinese steel exports, excluding scrap, totaled 24.6 MMT in the first 7 months of 2021, an increase of 76% YoY. Exporters have already loaded 1.8 MMT of steel in August for exports. This works out to 3.3 MMT for the month, a 130% increase YoY. China’s steel output was quick to recover following the impact of the pandemic, with mills taking advantage of high prices due to a slow restart amongst other major producers. Foreign importers may be forced to look to other suppliers for steel products as output has begun to approach pre-pandemic levels elsewhere. The BDI has surpassed the 4,000 mark for the first time since 2010, hitting 4,147 on Monday. The index has increased by 202% YTD, fueled by soaring commodity demand, as well as pandemic-related supply chain disruptions. The pandemic is causing significant delays in ports around the world, namely in China, which have tied up the fleet for extended periods. The Capesize 5TC benchmark has also reached fresh highs since it was introduced in 2014, reaching $50,708 per day today, an increase of 177% YoY. Capes have been some of the worst affected by Covid-19 delays with the 180k dwt vessels calling at Chinese ports in most of their voyages. The recent boost has also been aided by a positional squeeze in Brazil, which has seen C3 (Tubarao-Brazil) voyage rates push as high as $36 per tonne for the first time since 2009. Record grain imports to China and a mild resurgence in coal trade has lifted the Panamaxes also, with the P5TC average rising by 179% YTD despite being 11% below 2021’s peak so far.  Strong minor bulk trade has helped prop up rates for the geared vessels, with a monthly record of 106 MMT of cargo moved on Supras in July. Negative soybean crush margins in China have forced hog breeders to substitute traditionally used soymeal for wheat in recent months as soybean prices rise on supply issues. Chinese wheat imports totaled 4.3 MMT in the first 7 months of the year, increasing by 117% YoY and the highest level for this period on record.