Iron ore rally persists

Monday 7 July 2025

Ferrous lifted again Friday.

Some charts show significant churn in the underlying state of the market.

The first chart is difficult one to swallow. Steel production is down 2-3%. Chinese iron ore production is flat. Some of this is the continued orientation towards BOF versus EAF, but not enough to explain the chart.

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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.