ANFGF - Iron ore gains as supply concerns persist; Goldman sees continued tight market

Benchmark Dalian iron ore futures jump more than 3%, as lingering concerns about tight supply outweigh expectations of a slowdown in China's steel demand.The most-active September iron ore (SCO:COM) on the Dalian commodity exchange wrapped up daytime trading +3.3% at 1,225 yuan/ton ($189.49), while the most-active August contract in Singapore recently was +1.4% to $210.80/ton.China's iron ore imports fell for a third straight month in June to their lowest in 13 months, as official customs data shows imports slipping 0.4% from May and 12.1% Y/Y to 89.42M metric tons, but H1 2021 imports rose 2.6% Y/Y to 560.7M mt.Potentially relevant tickers include [[BHP]], [[RIO]], [[VALE]], [[GLCNF]], [[GLNCY]], [[AAUKF]], [[NGLOY]], [[ANFGF]]Goldman Sachs raises its H2 forecast for average iron ore prices to $195/mt from $117/mt, saying it does not foresee a clear, sustained surplus in iron ore markets until 2023, and prices face a more gradual downward path than anticipated.China's steel

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Iron ore gains as supply concerns persist; Goldman sees continued tight market