Goldman Lifts Iron Ore Forecast for Next Year, But Stays Bearish

Goldman Sachs Group Inc. raised its iron ore price forecast for 2026 on macroeconomic support, tighter inventories and resilient Chinese steel production, but is still expecting prices to drop next year.

The bank sees prices of the steelmaking staple averaging $93 a ton in 2026, $5 higher than its previous estimate, analysts including Aurelia Waltham said in a note. However, that’s still well below where iron ore futures are trading at the moment.