Why Rio Tinto (ASX:RIO) and BHP (ASX:BHP) look set for another profit upgrade

It’s hard to think about profit upgrades when the market is tumbling, but that’s what the Rio Tinto Limited (ASX: RIO) share price and BHP Group Ltd (ASX: BHP) share price could be facing.

Analysts are probably going to be left scrambling yet again to upgrade their price forecast for iron ore.

These forecasts are well below the iron ore spot price. For instance, Goldman Sachs pencilled in a price of US$137 a tonne by end of June, reported the Australian Financial Review.

That implies a 27% crash in the ore price in the next 10 weeks!

Market underestimating the iron ore price rally

Goldman isn’t the only one with a…