Steel plummets, iron ore levitates

Thursday 29 May 2025

The ferrous complex is unwinding.

Steel is under the pump. Bloomberg.

Prices of a key Chinese steel product used in construction were at their lowest since 2017 as the world’s biggest market for the metal grappled with a massive glut.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.