No ships were reported as sold for recycling into south Asia from 13-17 July as the Ramadan holidays and falling steel prices in India removed all appetite to buy. Scrap prices of bulkers deteriorated to USD310-315/ldt, compared with USD325-335/ldt from 6-10 July. Scrap prices of tankers declined to USD340-345/ldt, from USD355-365/ldt. The Baltic Dry Index's plunge to a historic low in February precipitated a rush to scrap bulkers, forcing down prices. The slowing Chinese economy also resulted in exports of cheap steel.
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