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.
I graduated from the Department of English Language and Literature at Kocaeli University. Since 2020, I have been producing content focused on the steel industry. At SteelOrbis, I write industry news on a wide range of topics, including EU and UK trade measures, regulatory changes, quota utilization, and the statements and views of organizations representing the Turkish steel sector.
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