Today’s snapshot — 2026-08-04
Top mover: Pakistan E40 shredded CFR +$20.00 (+5.06%) to $415.00/t (Kallanish) — limited import supply meeting steady mill buying, with Gulf routing risk keeping replacement cargoes expensive.
Notable prices:
- Iron ore KORE 61% Fe CFR Qingdao = $93.44/t (−$4.83, −4.91%) — one-year low; 65% Fe −$4.43 to $111.42
- Turkey HMS 1&2 80:20 CFR = $373.50/t (−$0.50, −0.13%); Turkey shredded $393.50/t (−$0.50, −0.13%)
- Rotterdam E40 shredded FOB = $352.50/t (−$1.00, −0.28%); Rotterdam HMS 80:20 $332.50/t (−$1.00)
- Benelux HMS 80:20 delivered dock = €267.50/t (−€2.50, −0.92%) — tight inflows offsetting weak demand
Headline driver: The desk brief leads on unresolved Gulf shipping risk — traffic still minimal and a vessel reported struck — keeping war-risk and freight elevated. ⚠️ Two brief claims are unconfirmed by the tape: it reports Brent rebounding to ~$85, while the print shows $83.77 (−$4.16, −4.73%); and its “firm forward curve” read sits against physical Turkey easing a second session.
Action signal: Hold shredded near $400 CFR Port Qasim only against confirmed demand and payment readiness — the $415 physical print supports it. Refresh every freight quote; keep validity to 24–48 hours.