Investment bank Goldman Sachs late Wednesday lowered its iron ore price forecast for 2017 by $5/dmt to $35/dmt CFR China after a faster-than-expected softening in seaborne prices.
"Iron ore prices have reached our $40/dmt forecast one year ahead of schedule... we downgrade our 2016, 2017 [and] 2018 forecasts to $38, $35 and $35 [respectively] to reflect the need to displace circa 250 million mt of seaborne mining capacity over the next three years, equivalent to 18% of current supply," Goldman Sachs analysts Christian Lelong and Amber Cai said in a note.
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