Iron ore smashed

Friday 31 July 2026

Sometimes you time it with precision.

Yesterday I asked if Simandou is bringing the pain to iron ore sooner than expected, and here we are today with the bottom falling out of iron ore.

Rebar is at 15-month lows. Hot rolled is getting there. Iron ore is still bloated. Mill margins are being crushed.

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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.