Business
Broker warns of big iron ore oversupply next year: time to panic?
ASX iron ore shares have been on the nose recently and a warning by Goldman Sachs today will only add to the gloom.
Iron ore prices have been under pressure since China announced new curbs on steel mills to cut pollution.
This is why the BHP Group Ltd (ASX: BHP) share price, Rio Tinto Limited (ASX: RIO) share price and Fortescue Metals Group Limited (ASX: FMG) share price have been backing away from their recent peaks.
But that’s not the only thing that could keep ASX miners on a back foot.
Oversupply risk clouding ASX iron ore shares
“The GS commodities team now see a recovery in Brazilian exports and a Chinese environmental policy driven slowdown in steel production to narrow the seaborne iron ore deficit in 2021 (9Mt deficit…
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