Today’s Snapshot — 2026-07-23
Top mover: Steel scrap HMS 1&2 (80:20) US-origin, cfr Turkey rose $5.24 to $374.65/t (+1.42%) as Turkish mills returned to the deep-sea market and booked fresh US cargoes, unable to secure the earlier lows.
Notable prices:
- HMS 1&2 80:20, CFR Turkey (Kallanish) = $372.5/t (+$3.50)
- Shredded scrap, CFR Turkey (Kallanish) = $392.5/t (+$3.50)
- HMS 1&2 80:20, fob Rotterdam (Fastmarkets) = $332.12/t (+$4.24, +1.29%)
- Iron ore KORE 62% Fe, CFR Qingdao (Kallanish) = $97.27/t (−$1.77, −1.8%)
Headline driver: Turkish import scrap recovered on fresh deep-sea bookings — US cargoes at $375/t and an EU cargo at $368/t cfr — but suppliers stress the rise is war-driven (US-Iran, higher freight), not underlying steel demand.
Action signal (if any): Hold offers into Turkish strength; no chase above $380/t cfr — the rally is geopolitical, not demand-led, and mill margins remain tight.