Today’s snapshot — 2026-09-04
Top mover: E40 Shredded scrap CFR Bangladesh +4.25% to $405.00 (Kallanish, 3 Sep print) — sharpest daily scrap move of the set, alongside a firmer HMS print into the same market.
Notable prices:
- E40 Shredded scrap CFR Bangladesh = $405.00 (+16.50, +4.25%)
- HMS 1&2 80:20 CFR Bangladesh = $372.50 (+7.50, +2.05%)
- HMS 1&2 80:20 CFR Turkey = $380.00 (+0.00, 0.00%)
- Iron ore 61% Fe CFR Qingdao = $99.43 (-0.13, -0.13%)
Headline driver: Desk read stays route-led — Gulf shipping transits have fallen well below their 10-day norm, pushing freight and container costs higher into South Asia, while Pakistan demand stays weak and buyers keep resisting sellers’ asking levels. Physical tape confirms the demand-side softness: Turkey CFR scrap printed flat rather than following the firmer forward curve the brief flagged, so that curve move remains unconfirmed in physical.
Action signal (if any): Wait on supplier ceilings — do not raise purchase levels without a confirmed, executable buyer bid; refresh freight quotes in writing given the elevated route risk, and keep CFR offer validity short.