The Week in One Page — Week of 3 October 2026
Bottom Line
Turkey’s scrap price stopped climbing this week after a month of steady gains, and zinc crashed hard for no clear reason. Hold off on chasing higher Pakistan offers, and double-check zinc prices before locking in any deal.
5 Things You Need to Know
- Zinc fell sharply this week, down more than 6 percent, and nobody has explained why.
- Turkey’s scrap price stopped rising after climbing steadily for about a month.
- Pakistan’s official scrap price kept easing, but sellers kept asking for much more. No one has actually sold at the higher price.
- Iron ore fell to its lowest level since August, pulling further away from scrap’s firmer trend.
- A shipping-rate error got fixed this week. India now looks cheaper to ship scrap to than first thought.
Top 3 Actions This Week
- Don’t chase Pakistan’s higher asking prices. WHAT: Keep buying at the official, lower price. WHEN: This week. PRICE: Official price near $416 per tonne, versus asking prices near $440 per tonne. WHY: No seller has actually sold at the higher price in four straight weeks.
- Double-check zinc prices before quoting any deal. WHAT: Re-check the zinc price right before you quote it. WHEN: Immediately, every time. PRICE: Zinc has dropped to about $3,727 per tonne. WHY: It fell more than 6 percent this week alone, with no clear cause, so an old price may already be wrong.
- Use the corrected October shipping rates, not the first version. WHAT: Confirm freight costs against the fixed rate sheet before quoting India or Pakistan. WHEN: Before any new freight quote. WHY: A data error made Pakistan and India shipping costs look wrong at first; the fix changed the numbers.
Why Prices Moved (and Other Changes)
Buyers in Pakistan keep offering much more money than the official price shows, but nobody has paid that higher price yet, so the gap keeps dragging on. Zinc and iron ore both fell hard with no stated cause — sometimes prices move without a clear reason. Turkey’s price simply ran out of steam after weeks of steady climbing, which often happens after a long run-up. Separately, a shipping company’s October sheet was missing data for one carrier, making India look pricier to ship to than it really is. Once fixed, India turned out cheaper than first thought.
What to Watch Next Week
- Does any Pakistani buyer actually pay the higher asking price, or does the gap just keep going nowhere?
- Does zinc’s slide stop, or does it keep falling?
- Does Turkey’s pause turn into a real price drop, or was it just a breather before the next climb?
For the full ranked list of what we’re watching and why, see Watchlist Priorities.