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Reuters reported that Goldman analysts have said in a report that apart from the three mega producers of iron ore, Vale, Rio Tinto and BHP Billiton, the rest of the iron ore industry is facing an “existential challenge”.
Reuters reported that Goldman analysts have said in a report that apart from the three mega producers of iron ore, Vale, Rio Tinto and BHP Billiton, the rest of the iron ore industry is facing an “existential challenge”.
As quoted in the market news,
Goldman cut its 2015 iron ore price estimate by 18 percent to $52 a ton. It forecast $44 in 2016 and $40 in 2017 and 2018, down 29-33 percent from previous estimates.
Iron ore dropped as far as $46.70 on April 2, the lowest since 2004-2005, based on annual price contracts that preceded the current spot-based system, compiled by Goldman Sachs.