Today’s snapshot — 2026-08-05
Top mover: Brent crude −$4.79 (−5.72%) to $78.98/bbl — the risk premium draining out of the tape as Gulf transit talks turned constructive and an interim reopening arrangement looked closer.
Notable prices:
- Turkey HMS 80:20 CFR = $372.50/t (−$1.00, −0.27%) — sixth straight session lower; EU-origin $368.00 (−$0.50)
- US Midwest HRC index = $59.06/cwt (+$0.75, +1.29%) — a fresh dataset high, moving opposite the rest of the ferrous complex
- Black Sea billet export index = $468.00/t (−$6.00, −1.27%) — reverses the 31 Jul +$10 in full
- Pakistan shredded CFR Qasim = $414.91/t (−$1.73, −0.42%) — first fresh print in three sessions
Headline driver: The desk brief leads on de-escalation — Gulf transits ticked up, talks were described as positive, and oil fell below $80, which the tape confirms. ⚠️ Its “firm supplier expectations” stance is unconfirmed: physical ground lower a sixth session and the transacted-confirmation range held unchanged for an eighth straight issue.
Action signal: Hold shredded near $400 CFR Qasim only against confirmed demand and LC readiness — the $414.91 print supports it. Do not cut on lower oil until a carrier issues a lower written rate.