The week closing 1 August was defined by two crosscurrents: soft ferrous fundamentals on one side, and firm base metals plus surging ocean freight on the other. Iron ore slipped back below US$100 per tonne, the base complex held its July strength with zinc doing the leading, petrochemicals cooled at the top, and polymer pricing split by region. Meanwhile a fresh round of US tariffs and a compressed shipping peak season kept logistics front of mind for buyers. Below is where each group finished, the week's biggest movers, and what to watch next. For grades, specifications and quotations, each section links through to the relevant product catalogue page.
Week at a glance
| Group | Net move on the week | Read | Catalogue |
|---|---|---|---|
| Iron ore & steel | Softer | Ore eased to ~US$98–99/t (down ~US$2/t w/w); Turkish rebar firmer at US$570–585/t FOB | Steel |
| Copper & aluminium | Firm | Copper held near records (~US$13,900/t LME); aluminium steady near US$3,200/t | Non-Ferrous |
| Zinc | Week's leader | 3-month closed ~US$3,622/t on 31 July, up ~1.5% on the day and firmer w/w | Non-Ferrous |
| Industrial minerals | Stable | Barite, gypsum & aggregates tracking steady regional construction demand | Minerals |
| Petrochemicals | Easing | Urea slipped toward ~US$420/t; sulphur held firm in Asia | Petrochemicals |
| Polymers (PE/PP/PVC) | Split | Indian producers raised list prices; Chinese PP eased to ~CNY 8,285/t | Polymers |
Iron ore & steel
Ferrous led the week lower. Benchmark 62% Fe Australian iron ore eased to around US$98–99 per tonne CFR by 31 July, down roughly US$2/t week-on-week, as ample seaborne supply and subdued Chinese demand capped the earlier rally above US$100. Chinese rebar futures tracked softer, settling near CNY 2,987 per tonne. Long products were more mixed at the export level: Turkish rebar firmed by about US$3/t to US$570–585/t FOB, while CIS-origin rebar held at US$550–560/t FOB and CIS billet into Turkey edged up to US$480–490/t CFR. For project buyers, the pullback in ore keeps this a constructive window to lock certified-grade tonnage on forward programmes. See current grades and standards on our Steel Products and Semi-Finished Steel pages, both part of our Industrial Products & Commodities sector.
Copper, aluminium & zinc
Base metals remained the firmest corner of the complex. Copper held near record territory, with LME cash around US$13,900 per tonne and COMEX settling near US$6.38/lb on 29 July — up roughly 3% on the month and well over 40% year-to-date — supported by tight supply and electrification demand, though US tariff timing remains a swing factor. Aluminium was steady near US$3,200/t. The standout was zinc, whose 3-month contract closed around US$3,622/t on 31 July, up about 1.5% on the day and firmer on the week — a reversal from its mid-July softness. Buyers of ingots, billets, cathodes and wire rod should continue to plan for elevated pricing; explore specifications on our Non-Ferrous Metals catalogue.
Industrial minerals
Industrial minerals — barite, bentonite, gypsum, aggregates and cement clinker — held steady through the week, underpinned by resilient construction and drilling demand across the GCC and wider region. Availability stayed reliable through our quarry and partner network, backed by lab certification and the logistics strength described in our Supply Chain & Logistics capability. Browse grades on the Industrial Minerals page, part of our Mining, Minerals & Natural Stone sector.
Petrochemicals
Petrochemicals cooled at the top of their recent range. Urea slipped toward US$420/t by month-end, giving back part of its July strength as spot buying eased. Sulphur, by contrast, stayed firm, with Chinese domestic values holding near multi-week highs and Northeast Asian levels around US$1.25/kg. For contract buyers, the softer urea tone is an opportunity to secure cover before the next demand cycle. See available products — urea, sulphur, bitumen grades, base oils and methanol — on our Petrochemicals & Chemicals page.
Plastics & polymers
Polymer pricing split by geography. Indian producers pushed list prices higher — effective 27 July, majors lifted HDPE and PVC by around INR 2,000/MT and PP and LLDPE/LDPE by up to INR 5,000/MT on supply discipline — while Chinese polypropylene drifted lower to about CNY 8,285 per tonne. The net for converters is a two-speed market: firmer offers from South Asian suppliers against softer Chinese and international numbers, rewarding buyers who compare origins. View resin and film options on our Plastics & Polymers page.
"With ferrous soft, base metals firm and freight climbing, the week's edge went to buyers who separated the material call from the logistics call."
Freight & trade
Logistics was arguably the week's biggest story. Container spot rates extended a multi-week climb after an early, compressed peak season, with Drewry's World Container Index reported around US$4,530 per 40ft in early July and Transpacific lanes up sharply from their mid-May lows. Layered on top, new US Section 301 tariffs on around 60 trading partners took effect from 22 July, stacking with existing steel, aluminium and copper duties. Together, higher ocean freight and shifting tariff schedules argue for building landed-cost buffers into forward orders — exactly where our integrated supply-chain and logistics desk adds value.
The week ahead
Watch three threads: whether iron ore stabilises or extends its slide below US$100 as Chinese mills manage seasonal demand; how far zinc and the wider base complex can hold their firm tone into August; and the evolving US tariff and freight picture, where any further capacity tightening or duty changes will feed straight into landed costs. Our trade desk can structure compliant, multi-grade supply across all of the above — request a quote for current, firm pricing on your specifications.
Sources: Trading Economics (iron ore, steel, urea, polypropylene); London Metal Exchange & Business Recorder LME official prices; Arab Iron and Steel Union weekly steel report; ChemOrbis / Plastemart polymer updates; Drewry World Container Index via Flexport; IndexBox tariff coverage; Goldman Sachs Research. Figures are indicative market levels for the week to 1 August 2026 and are provided for general information only, not as trading or investment advice.