Iron ore waits on the war

Monday 13 April 2026

The ferrous complex is weakening as peace prospects in the Gulf improve.

The jaws are still far too wide, and steel prices have resumed falling.

Iron ore stock at the port has hit its seasonal top, but the rundown is very slow, supported in some measure by China’s lift og BHP product bans.

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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.