Today’s snapshot — 2026-07-29
Top mover: Iron ore KORE 61% Fe CFR Qingdao +$0.64 (+0.66%) to $97.84 — physical ore firmed a fourth session even as Chinese steel futures slumped on coking-coal weakness (data 28 Jul).
Notable prices:
- Turkey HMS 80:20 CFR (K) = $374.0/t (flat); shredded $394.0/t (flat); FM US-origin (MB-STE-0417) $377.76 (0.00%)
- SteelOrbis HMS 80:20 CFR = $368–376/t (0%); rebar FOB $565–575 (0%) — no demand confirmation
- Iron ore KORE 65% = $115.19/t (+$0.67); SGX 62% futures $98.11 (−0.09) — physical/paper divergence
- Billet Tangshan = ¥2,940 (−¥20); US Midwest HRC $58.79/cwt (+$0.13, +0.22%)
Headline driver: “Houthi threat reshapes HRC supply routes to Saudi” — Red Sea war-risk keeps redrawing Gulf steel logistics, the same freight/war-risk theme underpinning the scrap complex.
Action signal (if any): Hold — the Turkey scrap complex froze at $374 / $377.76 just below the $380 no-chase line; flat SteelOrbis ranges and rebar confirm no demand behind the move. No chase.