Goldman Raises Iron Outlook as More Steel Volatility Looms
- Steel-making ingredient seen trading at $50/ton in 3 months
- Goldman says it maintains long-term price target of $35/ton
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Goldman Sachs Group Inc. increased its short-term outlook for iron ore and predicted continued high levels of volatility in steel markets.
Iron ore will trade at $50 a metric ton in three months and $40 in six months, analysts including Christian Lelong and Amber Cai said in a report dated July 27. That’s up from $45 and $35 previously. Ore with 62 percent content at Qingdao in China gained 0.9 percent to $58.63 on Wednesday, according to Metal Bulletin Ltd.