Global Metals & Mining: Iron Ore Singapore conference; near-term Fe could test <US$95/t, medium-term seen higher, CMRG still in focus

Research evidence excerpt

Global Metals & Mining: Iron Ore Singapore conference; near-term Fe could test <US$95/t, medium-term seen higher, CMRG still in focus

Equity Research

25 June 2026 | 4:50AM AEST

Global Metals & Mining: Iron Ore Singapore conference; near-term Fe

could test <US$95/t, medium-term seen higher, CMRG still in focus

We recently attended the Singapore Ferrous week which included participating in the Paul Young

+61(2)9321-8302 |

MySteel Global Iron Ore and S&P Coking Coal Conferences in Singapore where we paul.young1@gs.com

Goldman Sachs Australia Pty Ltd

met with physical and financial iron ore and coking coal traders, iron ore and coking

Matt Greene

coal producers, and steel mills. We highlight the key takeaways from our +44(20)7051-0489 |

conversations below. matt.greene@gs.comGoldman Sachs International

Chris Bulgin

+61(2)9321-8936 | chris.bulgin@gs.com

Key takeaways Goldman Sachs Australia Pty Ltd

Riccardo D’Agata

Near-term and 2H price outlook +44(20)7051-0958riccardo.dagata@gs.com|

Goldman Sachs International

n Conference participants were broadly cautious on near-term iron ore prices due

to: (1) higher seasonal iron ore shipments from Australia into the end of June

which will increase arrivals at Chinese ports in July; (2) the seasonal slowdown

in Chinese construction and steel production over the next few months; and

(3) pressure on steel mill margins from an estimated ~20Mt of coking coal

shortages (between June and August in China arising from recent safety issues in

Shanxi, which could result in Chinese mills shutting blast furnaces for

maintenance over the summer. Ferrous market participants view this as negative

for iron ore demand (representing a potential ~80Mtpa hit to iron ore demand

on an annualized basis or ~5% of annual Chinese iron ore imports). Some