The shared doom of iron ore and gas

David Llewellyn-Smith

Monday 6 October 2025

The hyper-taut ferrous complex should not be confused with equilibrium.

The market is indeed stable, but this is not owing to calm price pressures. Steel demand is stable due to exports.

Steel production is far too high on anti-innovation stupidity.

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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.