A few months ago, Goldman flipped bullish iron ore after being bearish all year. Today, they stick to that by ignoring their own data.
Seasonal consolidation. The near 50% rally in iron ore prices over H2 last year has partially reversed so far in 2024.
We view this current phase of price pressure as primarily reflecting the liquidity tightening impact from onshore trading regulation on what was a significantly net long market, rather than a decisive bearish turn in fundamentals.