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Seven-week shipping slump

July 15, 2010 - 00:00 GMT

KEYWORDS: Baltic Dry Index , BDI , shipping rates , capesize , coal , iron ore , port congestion

Dry bulk rates carry on sinking on vessel overcapacity; lower iron ore demand

Chinese steel prices have fallen 17% from an 18-month high after the government moved to curb property speculation, resulting in steel mills Jiangsu Shagang Group Co. and Nanjing Iron & Steel Co. delaying iron ore purchases following prices drops and choosing to run down inventories instead.

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