Iron ore is in a bull market — and it won’t run out of steam soon, says Goldman

“It would be wrong to say that the bull market for iron ore, you know, is on the cusp of ending,” said Nicholas Snowdon, head of base metals and bulks research at Goldman Sachs.

Prices are being supported by very strong demand and suppliers have been disciplined in not increasing production, he explained, adding that inventories are also very low.

While prices are not likely to remain above $200 per ton, there won’t be a collapse and they could hover between $100 to $150 per ton, analysts at the Singapore Iron Ore Forum said.