The rally in iron-ore prices will not last in the absence of a significant improvement in steel demand from top consumer China, Goldman Sachs said, as the investment bank stuck to its bearish take on one of this year’s biggest commodity comebacks.
Iron-ore has risen more than 22% this year, making it the best performing commodity so far in 2016, in a rally fuelled by stronger Chinese steel prices as market participants looked to brisk seasonal demand from March.
