Iron ore crazy man keeps on dancing

Saturday 10 January 2026

Dancing, dancing, dancing! There is no stopping the iron-ore-crazy man.

Except for one small problem. Steel mill margins are being obliterated.

These developments will weaken the start of 2026 steel production, especially because steel product inventories are higher than last year.

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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.