Steel sag meets iron ore rip

Friday 9 January 2026

The ferrous complex is up to its usual New Year games as speculation mounts about imminent yawnulus.

There is some evidence for increased fiscal support in early-year bond issuance; however, the usual caveats apply. More and more, such spending is directed away from commodity-intensive uses.

Additionally, the yawnies must now contend with the anti-involution investment crash.

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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.