An influx of cheap steel from overseas has prompted Bangladesh to effectively close its ship-recycling industry.

The Bangladesh Ship Breakers Association (BSBA) told breaking yards not to sell any of their inventory to steel mills following price drops of nearly $100 per tonne in June.

Owners swallow lower prices as two VLCCs are sent to recycling yards
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Mills are now able to buy cheaper imports from overseas, undercutting recyclers.