Iron ore bears gather

Thursday 4 September 2025

The ferrous complex continues its great levitation. At least, iron ore does. Steel is stuffed.

Ask yourself, why are steel prices tumbling when production is shut in for Beijing’s warmongering parade?

Too much steel, with more coming when the parade ends, as the last of the margin expansion of the past few months is devoured.

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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.