Thursday May 28, 2015, 6:37am PDT

Bloomberg reported that Goldman Sachs approves of the expansion plans of the world’s biggest iron ore miners as putting a break on supply growth would hurt efficiency and make it hard to coordinate.

As quoted in the market news,

"This year’s drop in prices to a decade-low spurred by the expansion of low-cost supply from BHP Billiton Ltd., Rio Tinto Group and Vale SA prompted criticism from rivals including Fortescue Metals Group Ltd., as well as political leaders. Glencore Plc Chief Executive Officer Ivan Glasenberg said this month that oversupplying markets regardless of demand was damaging the industry’s credibility. The critique has been rejected by BHP Billiton and Rio.

Click here for the full Bloomberg report