Iron ore extends gain as Goldman Sachs lifts fourth-quarter price forecast
By Amy Lv and Lewis Jackson
BEIJING, Sept 3 (Reuters) - Prices of iron ore futures climbed for a second straight session on Wednesday, as Goldman Sachs raised its average price forecast for the fourth quarter of this year to $95 a metric ton from $90 a ton previously.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 closed daytime trade 0.71% higher at 777 yuan ($108.63) a ton.
The benchmark October iron ore SZZFV5 on the Singapore Exchange was up 0.39% at $102.85 a ton, as of 0721 GMT.
Goldman Sachs maintained its 2026-end price forecast of $80 a ton.
While prices have rebounded, ore demand has not showed signs of improving, analysts at broker First Futures said, flagging potential downside risks in the short term.
Iron ore demand has been suppressed this week as steelmakers in top Chinese production hub Tangshan are required to curb production to ensure better air quality for a military parade in Beijing to commemorate the end of World War Two.
Consumption of the key steelmaking ingredient is expected to pick up after the removal of production restrictions from September 4, said analysts.
Coking coal DJMcv1 and coke DCJcv1, other steelmaking ingredients, shed 1.25% and 0.59%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar SRBcv1 dipped 0.32%, hot-rolled coil SHHCcv1 inched down 0.09%, stainless steel SHSScv1 fell 0.54%, while wire rod SWRcv1 added 0.12%.
China's steel consumption is expected to fall by an average of five to seven million tons annually over the next decade, according to consultancy Wood Mackenzie.
($1 = 7.1529 Chinese yuan)
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