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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.

The day-traded contract for January iron ore on China's Dalian Commodity Exchange closed 0.71% higher, at 777 Yuan ($108.63).

As of 0721 GMT, the benchmark October iron ore traded on Singapore Exchange was trading at $102.85 per ton.

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

First Futures analysts said that while prices have recovered, ore demand is not showing signs of improvement. They warned about potential short-term downside risks.

This week, iron ore demand was suppressed as steelmakers at the top Chinese production hub Tangshan were required 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 other steelmaking materials, such as coking coal, have fallen by 1.25% and 0.59 %, respectively.

The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Rebar fell by 0.32%. Hot-rolled coils dropped 0.09%. Stainless steel declined 0.54%. Wire rod gained 0.12%.

Wood Mackenzie, a consultancy, predicts that China's steel demand will fall between five and seven million tons per year over the next decade. Reporting by Amy Lv, Lewis Jackson and Sonia Cheema; editing by Subhranshu Sahu, Sonia Cheema and Subhranshu Sahu

(source: Reuters)