Iron ore bumps the upper limit

Thursday 14 August 2025

The ferrous complex continues on its merry seasonal way.

We ought to be near some kind of top here. The price is high enough to draw Indian ore back into the seaborne market, which will immediately have to be pushed back out again once Simandou starts up in November.

The seasonal patterns, which are very strong, turn headwinds in September/October as well.

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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.