Iron ore double trouble

Monday 7 April 2025

Of all the commodities, iron ore has so far held up the best post-tariffs.

This appears to be a function of the long-established Pavlovian response that economic shocks equal more construction stimulus and iron ore demand in China.

But is that the case this time?

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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.