Pilbara killler one week away

Monday 3 November 2025

Iron ore is riding high with the Pilbara killer one week away.

Dynamics have shifted, as expected. Late last week, hot metal output fell to 2.36mt. This has been low enough to reverse the steel inventory accumulation, though it is still much higher than last year.

In turn, port inventories of iron ore are on the up at a good clip. By year-end they will be close to record highs.

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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.