China shoots itself in the iron ore foot

Thursday 20 November 2025

The ferrous complex reamins paralysed by the jaws.

Goldman has some intelligence from the ground.

Steel: steel demand is seen as reasonable to solid/stable, with ongoing weakness in property and infrastructure construction sectors being offset by strong demand from manufacturing, auto, shipbuilding, machinery and exports.

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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.