Today’s snapshot — 2026-08-25
Top mover: Iron ore 62% Fe CFR China +1.95% to $99.20 (SteelOrbis) — ore led the tape on firmer Chinese cost and stimulus sentiment, with Kallanish’s KORE 61% print up 0.93% to $97.31 in confirmation.
Notable prices:
- Iron ore 62% Fe CFR China = $99.20 (+1.95%)
- E40 shredded scrap FOB Rotterdam = $352.00 (-$2.00, -0.57%)
- HMS 1&2 80:20 FOB Rotterdam = $332.00 (-$2.00, -0.60%)
- US-origin HMS 80:20 CFR Turkey = $375.21 (unchanged, 0.00%)
Headline driver: The desk read is compliance- and route-led — the US Iran sanctions package published, Hormuz visible transits fell to two, another tanker was struck near Oman, and oil eased. Physical does not follow ore higher: Fastmarkets held every Turkish scrap leg at 0.00%, both Rotterdam legs printed lower, and Pakistan’s shredded index has not refreshed since 21 August. Any “firm scrap” read off futures is unconfirmed on the tape.
Action signal: Rescreen counterparties, banks, carriers and routes against the new sanctions and reconfirm freight and war-risk before firming any CFR offer — but do not lift supplier ceilings; the prints show flat-to-softer scrap, not a rising market.