The week to 8 August pulled the complex apart rather than moving it together. Ferrous kept drifting lower on ample seaborne ore supply, while everything exposed to the Arabian Gulf — sulphur, urea, methanol feedstock and packaging polymers — firmed as renewed Strait of Hormuz disruption tightened availability. Copper, on its own supply story, pushed to fresh records. Ocean freight snapped a three-week slide. Below is where each group finished, the week's biggest movers, and what to watch next; each section links through to the relevant product catalogue page for grades and quotations.
Week at a glance
| Group | Net move on the week | Read | Catalogue |
|---|---|---|---|
| Iron ore & steel | Softer | 61% Fe ore around US$94/t on 3 Aug; Turkish rebar eased ~US$3/t to US$565–585/t FOB | Steel |
| Copper | Week's leader | LME touched ~US$14,050/t; COMEX hit a fresh record near US$6.90/lb intraday on 6 Aug | Non-Ferrous |
| Aluminium & zinc | Firmer | Aluminium at US$3,276.50/t on 7 Aug; zinc held its late-July strength | Non-Ferrous |
| Industrial minerals | Stable | Barite, gypsum, aggregates and clinker steady on regional construction and drilling demand | Minerals |
| Petrochemicals | Higher | Urea back to ~US$400/t (+6% m/m); sulphur up ~8% m/m to CNY 9,369/t | Petrochemicals |
| Polymers (PE/PP/PVC) | Rising | Packaging grades lifted again in August; HDPE reported ~41% above pre-crisis levels | Polymers |
| Ocean freight | Rebounded | Drewry WCI +1% to US$4,297/40ft on 6 Aug after three weekly declines | Logistics |
The week's biggest movers
Copper — new records
US futures spiked to roughly US$6.90/lb intraday on 6 August, a fresh all-time high, after a record close near US$6.70/lb the day before. Congolese supply risk and tariff-driven US stockpiling did the work.
Sulphur — still climbing
Chinese sulphur reached CNY 9,369/t on 6 August, up about 8% over the month and multiples above a year ago, with roughly half of global output originating in the disrupted Gulf region.
Iron ore — the laggard
61% Fe ore was assessed near US$94/t on 3 August, and Chinese rebar futures briefly touched their weakest level since June 2025 around CNY 3,000/t before recovering toward CNY 3,090/t.
Iron ore & steel
Ferrous was the week's soft spot. Iron ore (61% Fe) was reported at about US$93.66 per tonne on 3 August by SteelRadar, extending the slide that began in late July as seaborne supply stayed ample and Chinese mill buying remained cautious. Chinese rebar futures dipped to roughly CNY 3,000 per tonne — their lowest since June 2025 — before recovering to around CNY 3,090/t on improved sentiment toward China's steel sector. At export level, the Arab Iron and Steel Union put Turkish rebar at US$565–585/t FOB on 1 August, down about US$3/t, while scrap held broadly stable. For project buyers running Q4 programmes, a soft ore deck against firm freight means the material call and the delivery call should be priced separately. Current standards and sizes are set out on our Steel Products and Semi-Finished Steel pages, both within our Industrial Products & Commodities sector.
Copper, aluminium & zinc
Base metals were the strongest corner of the market. Copper set the pace: LME three-month values touched around US$14,050 per tonne during the week, within reach of January's record near US$14,500, while the LME August forward officially closed at US$13,411/t on 7 August. In the US, COMEX copper spiked to roughly US$6.90 per pound intraday on 6 August — an all-time high — after a record close of US$6.7030/lb on 5 August. Three forces are stacked in the same direction: a supply scare out of the Democratic Republic of Congo, aggressive tariff-driven stockpiling in the United States, and structural electrification and grid demand. Aluminium firmed to US$3,276.50 per tonne on 7 August, and zinc broadly retained the strength it built at the end of July. Buyers of cathodes, ingots, billets and wire rod should budget for elevated pricing and shorter offer validity; specifications are on our Non-Ferrous Metals catalogue, and incoming lots are verified under our Quality Assurance protocol.
Industrial minerals
Industrial minerals were the week's quiet constant. Barite, bentonite, gypsum, aggregates and cement clinker moved little, supported by steady construction and drilling activity across the GCC and neighbouring markets. With freight rather than mine-gate cost now driving landed values on bulk minerals, buyers gained more from route and vessel selection than from unit-price negotiation this week. Browse grades on the Industrial Minerals page, part of our Mining, Minerals & Natural Stone sector, and see how tonnage is secured through our Global Sourcing network.
Petrochemicals
Petrochemicals turned higher, driven almost entirely by the Gulf. Urea recovered to about US$400 per tonne on 7 August, up roughly 3% on the day and around 6% over the month, though still some 10% below year-ago levels; relaxed Chinese export restrictions have capped the upside even as Hormuz risk supports it. Sulphur remained the standout, at CNY 9,369 per tonne on 6 August, up about 8% month-on-month and dramatically higher year-on-year, with the Middle East accounting for close to half of global production. UNCTAD notes that around a third of globally traded urea and roughly a third of seaborne methanol move through the Strait — a reminder that fertiliser and feedstock pricing is now a logistics variable as much as a production one. Bitumen, base oils and methanol offers are on our Petrochemicals & Chemicals page.
"When one chokepoint sets the price of sulphur, urea, methanol and packaging resin at the same time, procurement stops being a commodity exercise and becomes a routing exercise."
Plastics & polymers
Polymer buyers faced a second consecutive month of increases. ChemAnalyst reported packaging polymer prices moving up again in August as renewed Strait of Hormuz disruption tightened supply of HDPE, LDPE and PP, with HDPE described as around 41% above pre-crisis levels and BOPP converter spreads turning negative — a sign that resin cost is running ahead of what film producers can pass on. PVC held comparatively better, benefiting from less Gulf exposure in several supply routes. Converters with August and September requirements should be comparing non-Gulf origins seriously rather than rolling incumbent contracts. Resin and film options are listed on our Plastics & Polymers page.
Freight & trade
Ocean freight broke its downtrend. Drewry's World Container Index rose 1% to US$4,297 per 40ft in the week to 6 August, ending three consecutive weekly declines, as carriers implemented general rate increases into firm August volumes and port congestion across central and southern China constrained capacity. Transpacific led: Shanghai–New York gained 4% to US$7,893/40ft and Shanghai–Los Angeles 3% to US$5,894/40ft, while Asia–Europe was broadly flat. Several carriers also introduced Emergency Fuel Surcharges from August following the renewed escalation around the Strait of Hormuz. Landed-cost buffers of a meaningful size are again warranted on forward orders — the discipline our Supply Chain & Logistics desk builds into every shipment plan.
The week ahead
Three threads to watch. First, whether copper consolidates its record or extends, with DRC supply headlines and US tariff policy the swing factors. Second, how far the Hormuz premium runs through sulphur, urea, methanol and packaging resin — and whether any easing in transit conditions unwinds it quickly. Third, whether the freight rebound is a one-week GRI effect or the start of a firmer August, which will decide landed costs on bulk minerals and steel alike. Our trade desk can structure compliant, multi-origin supply across every group above — request a quote for firm pricing on your specifications.
Sources: SteelRadar daily iron ore analysis (3 August 2026); Arab Iron and Steel Union steel prices (1 August 2026); Trading Economics (aluminium, urea, steel); London Metal Exchange official prices and ConnectOre Copper Weekly Brief (7 August 2026); ChemAnalyst packaging polymer coverage (August 2026); Drewry World Container Index (6 August 2026); UNCTAD and UN News on Strait of Hormuz trade disruption. Figures are indicative market levels for the week to 8 August 2026 and are provided for general information only, not as trading, procurement or investment advice.