Today’s snapshot — 2026-08-18
Top mover: Iron ore KORE 61% Fe CFR Qingdao +$2.72 (+2.85%) to $98.18/t — the sharpest move on the tape, and Turkish scrap did not respond to any of it.
Notable prices:
- Iron ore KORE 61% Fe CFR Qingdao = $98.18/t (+$2.72, +2.85%)
- US Midwest HRC index = $59.78/cwt (+$0.46, +0.78%)
- US-origin HMS 80:20 CFR Turkey = $378.98/t (unchanged, 0.00%)
- Turkey HMS 80:20 general, Kallanish = $373.25/t (unchanged, sixth session)
Headline driver: The desk brief leads on freight and the escalation is dated: Brent $91.76/bbl, its highest since 30 July and through the $90 line; a projectile struck a vessel leaving Hormuz on Tuesday; Monday’s six transits sat below the ten-day average of eleven; and the diplomatic position worsened, with a ceasefire extension ruled out. Its ferrous read — Turkey stable, not materially higher — is confirmed: the whole Fastmarkets chain printed 0.00%, shredded $391.48, Rotterdam $333.50 and UK export $337.03 all frozen after Friday’s $3.74 lift.
Action signal: Hold freight allowances at full and shorten quote validity — Brent through $90 raises bunker, insurance and deviation cost. Refresh deal sheets rather than chase the tape; a frozen chain justifies no supplier increase.