Goldman's Now Bullish on Iron Ore This Year — But Not Next
- Three-month forecast raised 27% on outlook for Chinese demand
- ‘We take a bearish view during 2018’ on supplies, bank says
Iron Ore Soars as Bull Case Gets Big Lift
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Goldman Sachs Group Inc. boosted its iron ore forecasts after better-than-expected demand in China raised prices, but warned that it remains bearish on next year amid prospects for plentiful mine supplies and a worldwide glut.
The three-month forecast was raised to $70 a metric ton from $55, and the year-end target increased by $5 to $60, according to a report from analysts including Yubin Fu and Max Layton received Thursday. Next year, prices are still expected to drop, it said.