The ferrous complex has flamed out as we approach the Beijing warmongering season.
Channel checks by Goldman are OK.
Orderbook trend- The forward orderbooks of most steel mills were mostly flat MoM in Aug, in line with seasonality.
Iron ore fades into Beijing warmongering
David Llewellyn-Smith
Tuesday 19 August 2025
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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.
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