Iron ore turns Casino Royale

Tuesday 14 October 2025

The ferrous complex is not making much sense these days, which is in line with the increasingly drunk casino engulfing everything.

Iron ore took off on the prospect of Chinese economic catastrophe, then reversed the moment it was averted. Steel just keeps grinding lower.

CISA data for late September was terrible, down 8%, with a little comfort from inventories falling 4%.

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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.