Iron ore threatens breakdown

Wednesday 5 November 2025

The jaws must shut to restore steel mill profitability. The range trade must break down.

Scuttlebutt is nasty.

Iron ore prices typically rebound from early November to February before easing. However, significant losses from winter stockpiling in recent years, along with current high operating rates, may curb stockpiling enthusiasm this year, said Chinese broker Zhongtai Futures.

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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.