Iron ore becalmed before the storm

Thursday 16 October 2025

The ferrous complex continues to bifurcate, with steel getting flushed while iron ore enjoys the good times.

CISA data for early October rebounded after the Hebei shutdown, but inventories soared 8%. Mills are still overproducing.

Goldman explains it.

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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.