I see good old Goldman Sachs are sticking with their gloom and...

I see good old Goldman Sachs are sticking with their gloom and doom mantra:

Analysts at The Metal Bulletin noted the gains coincided with a surge in Chinese steel prices, following a steep rally in rebar futures.
Those at Goldman Sachs have now hiked their short-term outlook for iron ore, saying the commodity will trade at $50 a tonne in three months and $40 in six months.
"We maintain the long-term target of $35/t but highlight the potential for continued price volatility until steel inventories normalise," the analysts wrote on July 27.
A supply glut fed by the world’s biggest producers, Vale, Rio Tinto and BHP Billiton, drove prices down about 70% in the past five years, pushing higher-cost companies out of the market.
Still, new supply from Roy Hill in Australia, Anglo American’s Minas Rio and Vale’s S11D in Brazil is expected to outpace demand for some time.