The Week in One Page — Week of 17 October 2026
Bottom Line
Turkey’s scrap price slipped at one tracker and sat still at the other, so the fall is slowing but has not clearly stopped. Pakistan’s published price has no reading dated this week, so do not quote it as this week’s level; wait for Monday.
5 Things You Need to Know
- Pakistan’s published CFR Port Qasim shredded price (Fastmarkets) has no reading dated 12–16 October. The latest is October 9th, $417.31 per tonne; Friday’s arrives Monday.
- Turkey’s shredded scrap fell $2.50 to $415 per tonne at Kallanish this week. The Fastmarkets tracker did not move, staying at $409.91.
- European scrap leaving Rotterdam stayed flat at $350 per tonne.
- Iron ore, a key steelmaking ingredient, fell 1.3 percent to $91.50 per tonne, its lowest in three months.
- Zinc fell 1 percent to $3,699 per tonne; copper edged up 0.5 percent to $14,485.
Top 3 Actions This Week
- Quote Pakistan off the last published number, and call it a week old. WHAT: use $417.31 per tonne (October 9th) and ask for a written buyer bid before paying more. WHEN: Monday, when Friday’s reading publishes. WHY: an unseen price is unknown, not unchanged.
- Get shipping routes and war-risk charges confirmed in writing. WHAT: ask carriers for routing and surcharge terms and two written 20FT quotes. WHEN: this week. WHY: ships were reported sunk near Hormuz, but no carrier has announced a Pakistan surcharge.
- Put the payment method in writing before any advance leaves. WHAT: agree a bank guarantee, escrow, or documentary credit first. WHEN: Monday. WHY: payment safety, not price, is what stops deals closing.
Why Prices Moved (and Other Changes)
Turkey’s mills are pushing for lower prices, and European sellers are ready to sell near $385 per tonne, so Kallanish keeps stepping down while Fastmarkets has held still for five days. Iron ore slid again with no fresh trigger after last week’s weak China demand. Fastmarkets’ monthly survey of US scrap sellers and buyers pointed to higher US prices for October, yet Turkey’s US-origin price did not follow. The EU’s comment period on which countries may receive its waste closed October 16th.
What to Watch Next Week
- Does Pakistan’s published price print on Monday, and is it above or below $417.31?
- Does Turkey’s price find a floor near $415, or keep stepping down?
- Do shipping lines change their written war-risk terms after the latest Hormuz news?
Plain-English Glossary
- CFR — Cost & Freight; the price INCLUDES shipping to the buyer’s port.
- HMS — Heavy Melting Scrap, a common bulk grade of steel scrap.
- 20FT — a 20-foot shipping container, the size used for scrap into Pakistan.
- Tracker — a price publisher such as Fastmarkets or Kallanish.
For the full ranked list of what we’re watching and why, see Watchlist Priorities.