US-based investment banking company Goldman Sachs has revised down its iron ore price forecast for the fourth quarter of 2024 due to global iron ore oversupply and lower demand from China.
Iron ore prices are expected to fall by 15 percent to $85/mt from the current average of $100/mt.
According to the Goldman Sachs report, Chinese steel mills may restock ahead of the “Golden Week” holiday in early October, providing temporary support for iron ore prices.