Today’s snapshot — 2026-09-11
Top mover: HMS 1&2 (80:20) US-origin scrap, cfr Turkey jumped to $390.00/t (+1.97%) as a fresh October-shipment ex-US cargo booked above prior levels, with firmer rebar and HRC giving mills room to pay up.
Notable prices:
- HMS 1&2 (80:20), fob Rotterdam = $347.28 (+2.22%)
- Shredded scrap, cfr Turkey = $407.00 (+1.62%)
- Rebar, fob Turkey = $610.00 (+1.24%)
- Iron ore 62% Fe, cfr China = $99.70 (-1.19%)
Headline driver: Turkey’s import scrap rally was confirmed independently across all three ferrous publishers — a sharper-than-expected uptick in ex-US benchmark levels, backed by a widening scrap-to-rebar spread; the brief corroborates the driver, citing Brent above $105/bbl and Hormuz vessel transits down to 7 against a 15-vessel average, compounding freight and route risk on open quotes.
Action signal: Wait on fresh CFR quotes — reconfirm freight and route risk before pricing off Friday’s levels, given the elevated oil/Hormuz backdrop; the physical breakout in Turkey is confirmed, but nothing here supports extrapolating it directly onto other destination markets without a fresh transaction.