Latest News

Goldman Sachs raises its fourth-quarter forecast for iron ore prices.

Goldman Sachs increased its average forecast price for the fourth quarter to $95 per metric ton, up from $90 previously.

By 0151 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange rose by 0.78% to 777.50 yuan ($108.70).

As of 0141 GMT, the benchmark October iron ore traded on Singapore Exchange was up by 0.63% to $103.1 per ton.

Goldman Sachs has maintained its forecast for the end of 2026 at $80 per ton.

First Futures analysts warned that while prices have recovered, ore demand is not showing signs of improvement.

This week, iron ore demand was suppressed as steelmakers at the top Chinese production hub Tangshan had to reduce production in order to improve air quality in Beijing for a military celebration of the end to World War Two.

Analysts expect the consumption of the key ingredient in steelmaking to increase after the production restrictions are lifted on September 4.

Coke and coking coal, the other ingredients used in steelmaking, have a loss of 0.4% and 0.09% respectively.

The benchmarks for steel on the Shanghai Futures Exchange are mixed. The benchmarks for steel on the Shanghai Futures Exchange were mixed.

(source: Reuters)