Iron ore into the tariff shock

Tuesday 29 April 2025

The ferrous complex is still struggling.

Reports from the ground in China are dour. Goldman.

Over the past week, we met with onshore clients in Beijing and Shanghai, including mutual funds, private equity firms, and asset managers from banks, brokers and insurance companies.

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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.