Iron ore onwards and downwards

Tuesday 27 January 2026

The ferrous jaws must close!

CISA’s second ten days of January output was well below last year. Worse, inventories rise to 16.13mt. This one million tonnes above last year and the prospect of anything but weak restock is all but certain now.

The iron ore great pyramids continue to grow. The Steelhome measure is approaching records now as well.

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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.