Global steel output smashed

Thursday 24 July 2025

Iron ore is always crazy, but it has been outdoing itself in recent weeks.

Is that the top? In the short term, we’re still waiting for new yawnulus so maybe, maybe not. It is at the level that will drag in Indian exports, so in the slightly less than short term, yes.

Chinese steel output is collapsing, smashing global output. WorldSteel.

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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.