Shares of BHP Group (ASX:BHP) fell over 1%, while that of Mineral Resources (ASX:MIN) and Fortescue (ASX:FMG) inched up 0.4% and 0.5%, respectively, in early trading on Friday, as iron ore prices extended a rally, rising back above $96 per tonne in Singapore trading.
Iron ore consumption in China remains at a high level, driven by steel demand from the manufacturing and steel exports sectors, the Australian Financial Review reported, citing a note by Goldman Sachs commodities analyst Aurelia Waltham.
Strong demand can support the iron ore price between $95 and $100 per tonne in the near term, but supply growth makes a price above $100 per tonne unsustainable, Waltham added, per the report. The iron ore price is forecast to fall to an average of $90 per tonne in the fourth quarter in the wake of lower China steel production as steel exports decline.
Australian iron ore shipments rose by 3% year over year in June.
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