[miningmx.com] – THE price of iron ore had reached an “inflection point” this year and was unlikely to recover, said Bloomberg News citing a report by Goldman Sachs titled “The end of the Iron Age”.
In the report, Goldman Sachs argued that new production capacity had finally caught up with demand which would see “… profit margins begin their reversion to the historical mean”.
The New York based bank cut its 2016 forecast for seaborne iron ore to $79 a ton from $82/t, and the 2017 outlook was reduced to $78/t from $85/t. It stuck with a forecast for $80 next year.
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