Goldman Sachs Hiked Iron Ore Price Forecasts
In its latest report published on Friday, Goldman Sachs upwardly revised their iron-ore price outlook for 2016.
Key Points:
For Q2 2016, iron-ore price forecast raised by 47% to $55 / metric ton
Q3 2016 forecast up 20% to $45
Q4 2016 +14% to to $40
Full year estimate is 19% higher to $47 a ton
2017 & 2018 forecasts have been left unchanged at $35
Despite, the raise in the price forecasts, the US investment bank noted,
Strong growth in steel consumption is ... unlikely
More low-cost production is on the way
Increased spending by China "can't suppress bearish iron ore fundamentals indefinitely"
