Today’s snapshot — 2026-08-24
Top mover: Iron ore KORE 61% Fe CFR Qingdao −1.20% to $96.41 (Kallanish, Friday print) — spot weakened while futures held, on diverging views over whether the recent softness persists.
Notable prices:
- Iron ore KORE 61% Fe CFR Qingdao = $96.41/dmt (-$1.17, -1.20%)
- Pakistan shredded CFR Port Qasim = $413.88/t (-$3.45, -0.83%)
- India shredded CFR Nhava Sheva = $388.43/t (+$3.62, +0.94%)
- US-origin HMS 80:20 CFR Turkey = $375.21/t (unchanged, 0.00%)
Headline driver: The desk read is freight-led — Hormuz transits collapsed to four on Sunday, roughly 90% below pre-conflict baselines, with the expected US sanctions package still unpublished at cut-off and oil off more than $1 early Monday. Physical is flat-to-softer, not firm: Fastmarkets held both Turkish legs at 0.00%, Kallanish reports European cargoes clearing progressively lower into Friday, and Pakistan’s shredded index refreshed down after five static sessions. The brief’s firmer Turkish futures reference is not a physical print and is unconfirmed on the tape.
Action signal: Wait on freight — refresh rates and sanctions screening only once the package publishes; a sub-$1 oil dip does not justify releasing reserves.