Iron Ore Glut Spurs Drop in China Output, Goldman Says
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Iron ore production in China has probably been contracting since April and further mine shutdowns in the largest importer are forecast as a global seaborne glut expands, according to Goldman Sachs Group Inc.
Monthly output from mines in the country may have dropped about 20 percent from a year earlier, analysts Christian Lelong and Amber Cai wrote in an e-mailed report, citing an implied figure from the bank’s in-house analysis. That estimate may overstate the actual drop, Lelong and Cai added.