Today’s snapshot — 2026-07-31
Top mover: Iron ore KORE 61% Fe CFR Qingdao −$3.82 (−3.86%) to $95.29 — an accelerating sell-off broke ore below $96, dragging Chinese steel futures down with it (data 30 Jul).
Notable prices:
- Iron ore KORE 61% = $95.29/t (−$3.82, −3.86%); KORE 65% $112.73 (−$3.77) — sharp sell-off
- Turkey scrap frozen a 4th session: HMS $374, shredded $394 (both flat); FM US-origin (MB-STE-0417) $377.76 (0.00%)
- US Midwest HRC = $58.46/cwt (−$0.58, −0.98%) — slipped with the ferrous complex
- Tangshan billet ¥2,930 (−¥10); SGX 62% 2m-fwd $95.63 (−$2.48) — futures leading lower
Headline driver: “Iron ore plunges as sell-off accelerates” (Kallanish) — steel futures plummeted along with raw materials; separately Fastmarkets flags “shipping crises on three fronts,” with Houthi Red Sea attacks re-complicating Gulf steel sourcing.
Action signal (if any): No actionable scrap signal — Turkey frozen a 4th session at $374/$377.76 (SO ranges flat); the day’s move is iron ore’s −3.9% plunge, macro-bearish for the ferrous complex but not yet in scrap. Hold, no chase; watch for sentiment spillover.