Today’s snapshot — 2026-08-28
Top mover: Turkey rebar export FOB +3.93% to $590-600 (Fastmarkets MB-STE-0119, 27 Aug; SteelOrbis prints $585-600 vs $575-590 last week) — mills lifted longs on lira moves, expected energy-cost rises and bookings ahead of the 1 October EU quota round, while scrap input stayed flat.
Notable prices:
- Turkey rebar export FOB = $595 (+$22.50, +3.93%)
- HMS 1&2 80:20 US-origin CFR Turkey = $376.23 (unchanged, 0.00%)
- Pakistan shredded scrap CFR Port Qasim = $413.63 (unchanged, 25 Aug print)
- Iron ore 61% Fe CFR Qingdao = $97.79 (-$0.62, -0.63%)
Headline driver: The desk read stays freight-led — September container rates into Pakistan should rise by more than the current shredded bid-offer gap, against low mill utilisation, monsoon-slowed construction and need-based buying. The tape agrees and adds a divergence: Turkish and US-origin legs printed flat, Pakistan has no fresh assessment, yet Turkish finished steel rallied — a margin move, not a scrap-cost one, so it does not justify paying up for feed.
Action signal (if any): Hold the workable Qasim shredded anchor near $415 CFR and resist higher supplier levels without a named buyer; secure written September freight before fixing any September-loading price.