Iron ore muddles through

Monday 22 June 2026

Spewing, I missed this move lower thanks to the Iran War, but headwind seasonality is growing short, so I won’t chase it.

But there are still bearish signs. The inventory build is back.

Plenty of steel lying around.

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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.