Today’s snapshot — 2026-08-31
Top mover: Pakistan shredded CFR Port Qasim +1.53% to $419.96 (Fastmarkets MB-STE-0887, 28 Aug data) — the four-session freeze breaks to a fresh dataset high, clearing the 18 Aug peak of $417.33, as weekend Gulf escalation lifted oil and freight risk.
Notable prices:
- Pakistan shredded scrap CFR Port Qasim = $419.96 (+$6.33, +1.53%)
- India shredded scrap CFR Nhava Sheva = $397.28 (+$4.53, +1.15%)
- China HRC export index FOB = $497.54 (+$3.16, +0.64%)
- HMS 1&2 80:20 US-origin CFR Turkey = $376.23 (unchanged, 0.00%)
Headline driver: The desk read is route-and-energy led — renewed Gulf military escalation over the weekend, oil higher, Hormuz traffic sharply lower after a further tanker incident, and a major carrier’s Far East–Pakistan surcharge effective today. 🔴 The brief says Pakistan scrap has shown “no verified matching increase” — the tape contradicts it: MB-STE-0887 printed a fresh 28 Aug assessment at $419.96, above the $414–415 cargo the brief still calls the strongest reference. Both South Asian destinations rose while every Turkish leg printed 0.00%.
Action signal (if any): Separate material price, ocean freight, surcharge and war-risk in every quote — but treat $414–415 CFR Qasim as superseded; the index has moved.