What does the Iran war do to iron ore?

David Llewellyn-Smith

Tuesday 7 April 2026

The ferrous jaws are back. Much of this can be explained by shipping costs.

The latest MySteel measures of the steel market are weak.

It is even worse for CISA output, which is still down 6%+ Yoy.

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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.