US-based investment banking company Goldman Sachs has revised down its iron ore price forecast for the second half of 2023 due to the predicted iron ore supply surplus and lower steel production in China.
Iron ore prices are expected to fall by 12 percent to $90/mt in the given period from the current levels.
According to the Goldman Sachs report, a seasonal decrease in steel production in China is expected to result in a 68 million mt iron ore supply surplus in the second half.
