The Week in One Page — Week of 26 September 2026
Bottom Line
Pakistan’s official scrap price barely moved, but reported asking prices spiked far above it and then were not repeated — don’t pay up until a real sale confirms it. Turkish scrap kept climbing and looks likely to drift a little higher next week too.
5 Things You Need to Know
- Fastmarkets, the reporter that prices Pakistan’s imported scrap, updated its price for the first time in ten days, easing slightly to $418.68 a tonne.
- Other reported asking prices for Pakistan scrap jumped to $440 to $445 a tonne, then were not repeated the next day — treat it as unconfirmed.
- Turkish scrap, tracked by Kallanish and Fastmarkets, kept climbing to $402 a tonne — about $6.50 higher this week.
- Zinc jumped $76 in a single day to about $3,977 a tonne — its sharpest one-day rise this quarter.
- Ship traffic through the Strait of Hormuz stayed far below normal, and the US rejected an Iranian plan to reopen it faster.
Top 3 Actions This Week
- Hold current Pakistan buying near $418–$420 a tonne. WHEN: This week, before any quote. PRICE: $418–$420 a tonne. WHY: The price barely moved, and the higher $440–$445 asking price wasn’t repeated the next day.
- Don’t treat Turkey’s new two-part pricing as a fresh price gap. WHEN: Before the next Turkey quote. PRICE: No change needed. WHY: A reporter began publishing one market two ways; the real price didn’t jump.
- Re-check metal prices before pricing any zinc, copper, or aluminium deal. WHEN: Before the next quote. PRICE: Zinc near $3,977 a tonne. WHY: Zinc’s sharp jump makes older prices unreliable fast.
Why Prices Moved (and Other Changes)
Pakistan’s price updated because its reporter had gone quiet for ten days, coming back only slightly lower. At the same time, reported asking prices jumped far higher then vanished the next day, so the two signals disagree and neither is the real market yet. Turkish scrap rose partly because a reporter began publishing one market two ways, not from a genuine new price jump, while iron ore stayed flat to soft for a third week, so raw-material costs aren’t driving scrap higher. Europe’s plan to restrict scrap exports to poorer countries and Dubai’s export ban both continue unchanged.
What to Watch Next Week
- Watch whether a real sale confirms the higher $440–$445 Pakistan price, or the lower official price is closer to the truth.
- Watch whether Turkish scrap keeps climbing or levels off, now that daily gains have slowed.
- Watch whether Hormuz ship traffic recovers after the US rejected Iran’s reopening plan.
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.
- Strait of Hormuz — the narrow Gulf waterway many oil and cargo ships use.
More detail: Watchlist Priorities.