Iron ore weathers mounting headwinds

David Llewellyn-Smith

Wednesday 29 January 2025

I’m not sure where the rebar rally is coming from.

There’s nothing much going on for demand.

Perhaps it is the very weak seasonal restock.

The Steel PMI ain’t it.

Markets are very short ferrous so maybe that’s it.

The outlook for rebar is terrible as China goes off the completions cliff, but perhaps steel mills are somewhat prepared by underproducing.

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.