Goldman Sachs raises Q3 iron ore price forecast to $50 per tonne cfr

Iron ore bear Goldman Sachs has lifted its near-term price forecast for the steelmaking raw material after incorporating macro-economic variables into its analysis.


The investment bank’s analysts now forecast iron ore prices to average $50 per tonne cfr China in the three months to September and $40 per tonne cfr in the October-December period, according to its latest research note published on Thursday July 28.
These compare with its previous forecasts of $45 per tonne cfr and $35 per tonne cfr for the September and December quarters, respectively.
However, Goldman Sachs maintained its long-term forecast at $35 per tonne cfr China.

Metal Bulletin’s benchmark 62% Fe iron ore index shot up above $70 per tonne cfr China in April, from under $40 per tonne cfr in December last...

Published

Daisy Tseng

July 28, 2016

07:44 GMT

Singapore