Today’s snapshot — 2026-08-10
Fastmarkets only today — Kallanish and SteelOrbis did not issue, so their latest remains 07 Aug.
Top mover: India shredded CFR Nhava Sheva −$5.58 (−1.44%) to $381.50/t — regional buying stayed selective, and India gave ground while Pakistan held its premium, widening the spread between the two destinations to $32.71.
Notable prices:
- Pakistan shredded CFR Qasim = $414.21/t (−$0.70, −0.17%) — first refresh in three sessions, and it barely moved
- US Midwest HRC index = $59.96/cwt (+$0.71, +1.20%) — another fresh dataset high, still the lone ferrous market rising
- Turkey US-origin HMS CFR = $375.00/t (0.00%) — a third session holding the re-based level
- Black Sea billet export index = $467.00/t (−$1.00, −0.21%)
Headline driver: The desk brief leads on Gulf shipping — a technical lane agreement is reportedly close, but full reopening is tied to wider concessions, so political progress has not yet produced normal commercial passage and route risk stays severe. Its second claim is confirmed by the tape: no newer cargo has reset the $375 anchor, and the index printed flat again.
Action signal: Hold. Pakistan’s refresh at $414.21 confirms the destination level rather than undercutting it, and no verified freight reduction exists.