Iron ore roars, coughs, and falls

Wednesday 25 February 2026

There’s not much very encouraging going on for ferrous. Chinese markets reopned, popped and dropped. Steel is at news lows. SGX was the outlier.

SMM tells of a weak market as the most-traded contract, I2605, closed at 740.5 yuan/mt, which is 1.79% lower than the previous trading day.

This means that DCE iron ore continued to fall after the holiday.

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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.