Iron ore thanks Trump for the war

David Llewellyn-Smith

Wednesday 27 May 2026

The ferrous complex has come off but remains very elevated.

CISA output in mid-May sucked, still down 5%+ year on year.

While inventories spiked.

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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.