Today’s Snapshot — 2026-07-08
Top mover: Steel scrap heavy recycled index, cfr east China = $370.46/t, down $17.40 (−4.49%) — the sharpest daily drop of any ferrous benchmark, driven by weak Chinese steel demand and thin mill margins offering no restocking support.
Notable prices:
- HMS 1&2 80:20, cfr Turkey (Kallanish) = $370.5/t (−0.50, −0.13%)
- Shredded scrap, cfr Turkey (Kallanish) = $390.5/t (−2.50, −0.64%)
- Steel scrap shredded export, fob Rotterdam (Fastmarkets) = $355–357/t (−9.5, −2.60%)
- Iron ore KORE 61% Fe, cfr Qingdao = $98.91/t (+0.41, +0.42%)
Headline driver: Turkish scrap stability looks unlikely as mills keep pressing lower — a supplier is offering French HMS 80:20 at $366/t cfr while mill targets sit in the low $360s, and one mill says there is “no sign steel prices will stop falling.”
Action signal: Wait — Turkish and US scrap are still sliding with no confirmed floor; defer fresh bulk cargo bookings to capture cheaper levels rather than catching a falling market.