Pilbra killer fails to fire a shot

David Llewellyn-Smith

Monday 1 December 2025

The ferrous complex remains paralysed by iron ore prices that are too high for steel profits.

But we are in some equilibrium, as steel demand and supply are locked together.

Modestly reduced steel supply has been drawing down inventory.

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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.