Goldman Sachs Group boosted its iron-ore forecasts after better-than-expected demand in China raised prices, but combined the revised outlook with a warning that it remains bearish on next year on prospects for plentiful mine supplies and a worldwide glut.
The three-month forecast was raised to $70 a metric ton from $55, and the year-end target raised by $5 to $60 a ton, according to a report from analysts including Yubin Fu and Max Layton received on Thursday. Next year, prices are still expected to drop, it said.
