Goldman Sachs: Iron Ore Prices to Fall to $85

The short-cover rally Goldman analysts forecasted early last week in Chinese iron ore prices has completely reversed. After all, analysts from the bank said the rally should be sold. Now, analysts have revised their Q4 2024 iron ore price forecast to $85/t, down from $100, based on strong global supply and soft demand in the world's second largest economy. They add that the buildup in Chinese port stocks suggests prices will be pressured lower unless lower-cost producers cut production.  Last week, ahead of Goldman's iron ore note telling…