Outlook for iron ore prices in second half of the year will remain unchanged: Goldman Sachs

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Outlook for iron ore prices in second half of the year will remain unchanged: Goldman Sachs

Ferrous 11 Jul 2024 11:45 AM IST Goldman Sachs

Goldman Sachs, a US-based investment banking firm, has maintained its iron ore pricing forecasting for the second half of 2024 while increasing its coking coal price forecast for the same time period.

The company anticipates that the iron ore price with a 62% Fe will be around $100/MT by the end of this year. Goldman Sachs has raised its coking coal pricing estimate to $220/MT from $205/MT due to a long-term supply deficit. The coking coal market is expected to be mainly balanced in 2024-2026, with rising demand in India offset by a minor rebound in supply in Australia.

Meanwhile, UK-based mining giant Anglo American suspended operations at its Grosvenor coal mine in Queensland, Australia, in early July following an underground blaze that broke out due to coal gas ignition on June 29.

Also Read : China's crude steel output fell in June from May, with H1 production down only 1.1% Demand for steel will surge globally by 1.7% in 2024

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Outlook for iron ore prices in second half of the year will remain unchanged: Goldman Sachs

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