Iron ore takes out the trash

Wednesday 6 August 2025

Ferrous is doing a merry dance as steel and iron ore trade places.

One of the mysteries of this year’s ferrous markets has been why or how seaborne market production increases have been absorbed without too much price damage.

The output increase has been relatively small so far, and the stock has been offset by severe climate impacts in Q1.

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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.