The Week in One Page — Week of 31 October 2026
Bottom Line
Turkey’s scrap price rose about $4 to $5 per tonne this week, but only one source shows the full rise. Do not chase higher offers; wait for Monday’s Pakistan price.
5 Things You Need to Know
- Pakistan’s published CFR Port Qasim shredded price (Fastmarkets) is $415.35 per tonne, dated October 23rd. Friday’s reading arrives Monday.
- Turkey’s shredded scrap rose $5 to $419 per tonne at Kallanish and $4.17 to $414.08 at Fastmarkets.
- US East Coast export scrap fell $5.50 to $348.50 per tonne, moving against Turkey’s rise.
- Iron ore, a steelmaking ingredient, rose $1.45 to $93.20 per tonne.
- Zinc jumped $164 to $3,890 per tonne. Copper slipped $20 to $14,250.
Top 3 Actions This Week
- Check Pakistan’s Friday reading on Monday. WHAT: ask for dated, written buyer bids before paying above it. WHEN: Monday. PRICE: $415.35 per tonne (October 23rd). WHY: Pakistan has not yet shown whether it follows Turkey.
- Do not chase Turkish shredded offers at $419. WHAT: test bids near Fastmarkets’ level. WHEN: this week. PRICE: $414.08 per tonne at Fastmarkets, $419 at Kallanish. WHY: only Kallanish shows the higher shredded price.
- Fix payment and shipping terms before any advance leaves. WHAT: agree a bank guarantee, escrow or documentary credit, and get two written 20FT quotes. WHEN: before any money moves. PRICE: about $41.80 per tonne from New York on October’s 20FT rates. WHY: payment safety is what closes deals.
Why Prices Moved (and Other Changes)
Turkey fell on Monday after two Baltic cargoes sold near $383.50. It rebounded on Tuesday after a US cargo sold at $401 for a slightly different grade. Three publishers put the standard grade near $398.50. US export prices fell while Turkey rose. Oil stayed high, with Brent near $117.64 after a reported tanker attack near Hormuz on October 30th, yet no scrap price reacted. Pakistan’s central bank is reported to have raised its interest rate to 12 percent, making import credit costlier. The EU’s waste-export list is still a draft, and Pakistan is not on it for metal waste.
What to Watch Next Week
- Does Pakistan’s October 30th reading rise above $415?
- Does Fastmarkets confirm Kallanish’s higher shredded price, or does the $4.92 gap close?
- Do US East Coast export prices turn up, as November outlooks suggest?
Plain-English Glossary
- CFR — Cost & Freight; the price INCLUDES shipping to the buyer’s port.
- FOB — Free On Board; the price EXCLUDES shipping, and the buyer arranges freight.
- HMS — Heavy Melting Scrap, a common bulk grade of steel scrap.
- 20FT — a 20-foot shipping container, the size used for scrap into Pakistan.
- Brent — the main world oil price benchmark.
For the full ranked list of what we’re watching and why, see Watchlist Priorities.