Goldman Sachs forecasted bottoming of iron ore prices

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Tue, May 5, 2009

Iron Company News
Post by Melissa Pistilli, Iron Senior Reporter

Goldman Sachs JBWere Private declared that cash prices for iron ore will bottom this quarter as demand from China rebounds, boosting forecast earnings for BHP Billiton Limited and Rio Tinto Group.

Mr Malcolm Southwood and Mr Paul Gray analysts of Goldman Sachs JBWere declared:

We now believe that the current quarter will mark the bottom of the price cycle for spot iron ore. Implied prices from Australia will average USD 52 tonnes this quarter, from USD 71 last quarter and rise to USD 53 in the following three months.

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