Global investment bank Goldman Sachs has announced that it has revised its
iron ore price forecast down from $80/mt to $66/mt for 2015.
Goldman Sachs stated that it downward revision is due to oversupply of
iron ore in global markets which triggered the fall in prices in the first place.
Last week, international credit rating agency Standard and Poor’s also revised its
iron ore price forecasts downward given the slower global growth, lowering its price forecast for 2015 and 2016 to $65/mt from $85/mt.