Pilbara killer feeds on iron ore juniors

Thursday 15 October 2026

Iron ore futures are grinding relentlessly lower.

My latest freight-adjusted CFR figure is just above $82.

The Pilbara’s marginal iron ore players are getting whacked. FMG is right at major monthly long-term support. MIN also had bad news on lithium yesterday. Maybe a late-year seasonal rally is coming, but if it happens, that’ll be a major fade for further declines in 2027.

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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.