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Goldman Sachs keeps iron ore price forecast stable for H2, raises coking coal price forecast

Wednesday, 10 July 2024 11:36:59 (GMT+3)   |   Istanbul
       

US-based investment banking company Goldman Sachs has kept its iron ore price forecast for the second half of 2024 unchanged, while it has increased its coking coal price forecast for the same period.

The company expects the price of iron ore with a 62 percent Fe to be around $100/mt by the end of this year. As for coal prices, Goldman Sachs has increased its coking coal price assumption to $220/mt from $205/mt due to its expectation of a long-term supply shortage. The company forecasts that the coking coal market will be generally balanced in 2024-2026, while growing demand in India will be offset by a moderate recovery in supply in Australia.

Meanwhile, UK-based mining giant Anglo American suspended operations at its Grosvenor coal mine in Queensland, Australia, in early July following an underground blaze that broke out due to coal gas ignition on June 29, as SteelOrbis previously reported.


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