The dry bulk spot market rose over the past week as China imported record amounts of bauxite and South America exported high volumes of grain.

The Baltic Dry Index, a broad-based index of spot-market strength, surged 16.4% over seven days, ending Friday at 1,381 points.

The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes jumped 24% over the same period to end the week at nearly $13,300 per day, hitting its highest level in almost four weeks.