Goldman Sachs said it expects the spot price of iron ore will average about $US85 a tonne in the final three months of 2025, with a risk it could “temporarily” trade below $US80 a tonne.

However, Goldman’s Aurelia Waltham said she retains the view through the rest of the March quarter, “it is too early for prices to break below $US100/tonne, due to a temporary tightening of fundamentals.”