Goldman Sachs once again say they have a negative outlook for the iron ore price 6-12 months out

In the short term GS sees iron ore holding gains, citing:

Demand ongoing from China, margin strength

Say that any price weakness will not sustain in coming months.

However, further out:

• "We reiterate our 6-12 month negative view on iron ore as we expect the market to enter a surplus in 2H21 on higher Brazilian exports"

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Iron ore is a huge Australian export to China, something to watch ahead for AUD traders.