Iron ore takes off as steel market crumbles

David Llewellyn-Smith

Thursday 5 March 2026

The ferrous market does love seasonality, and no sooner has it closed the jaws than it is reopening them.

This is part short squeeze, part hope for stimmies, with a dash of Iran thrown in.

Futures markets have gotten rather short over the last month, so some corrective medicine was due.

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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.