The Week in One Page — Week of 21 September 2026
Bottom Line
Scrap prices into Turkey rose about $10 per tonne this week, but the climb slowed to $1 a day by Thursday. Do not pay up yet for Turkey or Pakistan, and re-check shipping costs before every quote.
5 Things You Need to Know
- Turkish scrap rose about $10 per tonne this week, but only one price reporter, Kallanish, still showed it climbing at the end.
- Iron ore, a key steel ingredient, fell about $2 per tonne, so scrap rose on steel demand, not higher raw-material costs.
- Pakistan’s official scrap price did not update Friday. SteelOrbis says recent sales were $416 to $420 per tonne, with buyers bidding about $415.
- Ship crossings of the Strait of Hormuz, a key Gulf waterway, stayed at 3 to 4 a day, against a normal 16 to 18.
- Europe may block metal-waste exports to countries like Pakistan from May 2027, and Dubai’s scrap-export ban runs until 8 October.
Top 3 Actions This Week
- Re-check shipping and trucking costs. WHEN: Monday, before any quote. PRICE: Pakistan diesel is about 425 rupees per litre. WHY: Diesel rose twice this week, so older quotes are out of date.
- Turn Pakistan enquiries into firm buyer bids. WHEN: This week. PRICE: Stay near the $416 to $420 per tonne range SteelOrbis reports. WHY: Buyers bid about $415 and sellers ask $420 to $425, so only a firm bid shows the real price.
- Get written export approvals before buying. WHEN: Before the next purchase. PRICE: No price change needed. WHY: Dubai’s ban and Europe’s electronic-waste rules can stop a paid shipment.
Why Prices Moved (and Other Changes)
Turkish mills paid more early in the week because steel bar prices kept rising, about $15 per tonne. By Thursday the gains shrank to $1 a day, and Fastmarkets showed no move, so buyers looked to be waiting. Iron ore fell after new talk of Chinese steel output cuts. Gulf shipping stayed far below normal, yet no shipping line added a surcharge because of it. Europe dropped an idea for a 15% aluminium-scrap export tax and now favours wider limits on waste exports to poorer countries.
What to Watch Next Week
- Watch whether Fastmarkets finally posts its Pakistan price, last shown at $419.56 per tonne on 11 September.
- Watch whether Fastmarkets and SteelOrbis confirm Kallanish’s higher Turkey price.
- Watch whether Hormuz crossings recover toward 16 a day, or stay at 3 to 4.
Plain-English Glossary
- Tonne — a metric ton, about 2,205 pounds; the unit scrap and steel are priced in.
- Price reporter — an independent firm, like Kallanish, Fastmarkets or SteelOrbis, that publishes market prices.
- Iron ore — the raw rock used to make new steel.
- Steel bar (rebar) — steel rods that reinforce concrete.
- Strait of Hormuz — the narrow Gulf waterway many oil and cargo ships use.
More detail: Watchlist Priorities.