Goldman and Its Biggest Critic Agree on Iron Ore Outlook
- Bank and Cliffs CEO predict shortages in raw material
- Both predict higher prices as Vale reduces production
A Caterpillar Inc. dump truck transport mined iron ore at Vale SA's Brucutu mine in Barao de Cocais, Brazil.
Photographer: Dado Galdieri/Bloomberg
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It took massive output cuts from the world’s largest iron ore producer to get Goldman Sachs Group Inc. analysts and their biggest critic to agree on their outlook for the steelmaking ingredient.
Just two months ago, Cleveland-Cliffs Chief Executive Officer Lourenco Goncalves wasn’t shy about calling out Goldman analysts for their iron ore price forecast.