Iron ore isn’t getting any love from Goldman Sachs. The investment bank predicted that prices will fall to $60 per mt in the next three months, $55 in the next six months, and to $50 in the next 12 months. Goldman attributed to drop to lower steel production in China, which according to the investment bank, has peaked and Vale’s new S11D iron ore operation cranking up. The operation is expected to reach its full 90-million mtpy capacity in 2018 and will have a cash cost of about $7.70 per mt at is Ponta da Madeira Maritime Terminal. When it operation, Vale’s average total cash cost for its entire iron ore production should be around $10, so don’t expect any cutbacks regardless of how far down the price goes.