Iron plays chicken with Beijing

Thursday 27 November 2025

The ferrous complex remains paralysed with iron ore caught in an obvious trading range between $100 and $107.

CISA data for mid-November was still bearish, rising slightly but below last year’s levels. Inventory rose commensurately.

Yet, hot metal output remains strong.

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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.