China's coastal bulk freight index drops in July

China's coastal bulk freight market saw an overall decline in demand in July, according to the Shanghai Shipping Exchange.

The composite index for coastal bulk freight dropped 6 percent month on month to 977.26 in July, the SSE said.

The index had averaged 1,021.01 since the beginning of 2019, down from an average of 1,149.05 for 2018.

Last month, the sub-index for coal saw the largest fall of 7.8 percent, followed by grain and metal ore.

Against the downward trend, the sub-index for oil products grew 0.9 percent in July.

The sub-index for crude oil remained flat.

The SSE initiated the index in 2001 under the guidance of the Ministry of Transport to reflect the fluctuation of the Chinese coastal transport market.