Iron ore bulls trample the golden goose

David Llewellyn-Smith

Monday 2 December 2024

As is so often the case, iron ore is busy killing the golden goose by running away from steel prices.

Mill margins are tanking and output has rolled over.

Demand is slackening too, though I expect a decent end to the year on tariff frontrunning.

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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.