Goldman Sachs believes there is a risk that iron ore could fall below $80 per mt.

Recently, Goldman Sachs stated that the average spot price of iron ore in the last three months of 2025 is expected to be around $85/mt, potentially "temporarily" falling below $80/mt.

However, Aurelia Waltham of Goldman Sachs mentioned that for the remainder of the March quarter, "it is still too early for prices to fall below $100/mt due to a temporary tightening of fundamentals." She believes that the significant impact on iron ore prices will occur by year-end, with prices averaging around $85/mt in Q4, influenced by a decline in China's steel production.