Iron ore back to the lows

Wednesday 28 January 2026

The ferrous jaws must close!

Scuttelbutt is bearish.

More steel mills have started equipment maintenance in the run-up to the Lunar New Year holiday in February, dampening appetite for feedstocks including iron ore, analysts at broker Zhengxin Futures said in a note.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.