Pilbara killer takes big bite out of Fortescue

David Llewellyn-Smith

Friday 9 October 2026

It has taken a while, but the Pilbara killer is now taking a machete to the Pilbara.

FMG’s Sep QTR release yesterday was ugly. Realised prices is the lowest in four years.

AS sub-benchmark ore discounts have ripped higher to 18%, the highest in six years.

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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.