China’s iron ore mountain turns Himalayan

David Llewellyn-Smith

Sunday 1 February 2026

The ferrous jaws must close!

The CNY steel inventory restock has begun from a higher level than last year, according to CISA data.

The iron ore port mountain is Himalayan and growing at roughly 2mt per week. From CISA.

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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.