Iron ore miners will be spitting chips

Goldman Sachs sees the iron ore price sinking to $80 per tonne next year as a surplus in the metal’s seaborne market emerges much faster than expected. But the pain is likely to fall far more heavily on Australian than Chinese mines.

With the iron ore price now down more than 20 per cent from where it started the year, two Goldman Sachs research reports issued this week provide both a context for what’s occurring and a perspective into what it means for iron ore producers.

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