Iron ore thumped lower

David Llewellyn-Smith

Monday 28 July 2025

Steel looks like a great business to be in as input costs fall while selling prices rise.

That said, I can’t see steel prices running much further despite Chinese output cuts. Demand is too weak.

MySteel data has been dodgy this year. It is not capturing the full weakness of the sector.

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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.