The Baltic Dry Index, a measure of shipping costs for commodities, has fallen to its lowest level in more than four months following a drop in demand for commodities which make steel.

The index tracking transport costs on international trade routes slid 72 points, or 3.1%, to 2,246 points, according to The Baltic Exchange, the lowest since May, reports Bloomberg.

The gauge crashed 92% last year as steel demand and the world economy slumped.

Chinese iron-ore imports fell 14% in August from July and coal imports slid 15%, a second consecutive monthly decline, according to customs data.