The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 8 points or 0.7 percent to 1,138 points.
The index lost more than two percent this week, its first weekly fall since February.
The Baltic's capesize index lost 0.25 percent to 1,614 points.
Rates for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were down $109 at $8,660.
"Over the longer term, increase in freight rates is likely to be curtailed owing to high level of Chinese iron ore inventory and significantly high fleet addition over the next two years," ICICI Securities said in a research note.
Fixture activity for the capesize segment slowed as the week progressed, RS Platou Markets analysts said in a note.
Chinese steel prices hit four-month lows on Friday on fresh evidence of a slowdown in the world's top consumer, casting doubt on the chances of a strong pickup in demand and dragging iron ore below $140 a tonne for the first time since February.
Iron ore shipments account for around a third of sea-borne volumes on the larger capesizes, and brokers said price developments remained a key factor for dry freight.
The Baltic's panamax index fell 2.07 percent, with average daily earnings down $224 at $10,550.
Panamax spot rates have been falling on a drop in seasonal South American grain fixtures coupled with oversupply of vessels.
"The Panamax market has seen considerable weakening of fixture activity in the past two weeks as prompt cargoes were covered and new enquiries only came at a slow trickle, thus sending rates lower," RS Platou analysts said.
"A persistent over-supplied market will likely keep the segment from staging any major rebound anytime soon and rates are likely to find support closer to current or slightly lower levels."
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 35 percent this year.