Pilbara killer to drown iron ore market

Thursday 23 October 2025

The ferrous market remains stalled above $100.

Signs of stress are mounting. India is the swing producer for seaborne iron ore at these levels, and it is cutting prices.

India’s largest iron ore producer, NMDC, had previously reset the prices of the key raw material of steel on August 1 to ₹6,100 for Baila Lump and ₹5,250 for Baila Fines.

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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.