Pilbara killer turns Pilbara whimper

Thursday 4 December 2025

The ferrous complex is stronger in the last week as steel inventory rundowns are finally boosting prices. At least keeping pace with iron ore.

Vale is playing games.

Brazilian mining company Vale has lowered its forecast for iron ore production in 2026 to 335-345 million tons, according to a company statement.

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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.