Analysts at the US investment banking giant, Goldman Sachs, offer their view on iron-ore prices, given the recent slump.
Iron-ore futures on Dalian were sold-off into growing fears about an economic slowdown in China and the impact of a trade war between the world’s two largest economies. Meanwhile, Shanghai rebar entered a bear market – down more than 20% from seven-year highs hit in August.
Key Highlights:
The correction (ie the price drop) is nearly done.
Attributes some of the price drop to a correction after an overshoot topside.
Outlook is for 60-70 / t range.
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