Core Insights - The reopening of the Simandou iron ore project in Guinea marks a significant shift in the global resource landscape, previously stalled for nearly 30 years under Rio Tinto's management [1][3][30] - Chinese companies have successfully taken over the project, overcoming logistical challenges that Western firms deemed insurmountable, thus changing the dynamics of iron ore production and trade [10][11][30] Group 1: Project Background - The Simandou iron ore deposit has a massive reserve of 3 billion tons with a high grade of 66%, yet it remained undeveloped due to geographical and political challenges [3][6] - Rio Tinto faced difficulties in advancing the project, leading to a perception of it as a "joke" in the industry, with seven CEOs failing to make progress from 2007 to 2022 [3][6][31] Group 2: Chinese Involvement - In late 2019, Chinese enterprises took over the project, forming alliances to construct a 650 km railway and deep-water port, investing $14 billion to make the project viable [10][13] - The construction of the railway, which included challenging tunnels, was completed in just six months, demonstrating China's capability to execute large-scale infrastructure projects efficiently [13][15] Group 3: Economic Implications - The commencement of operations at Simandou is expected to significantly impact global iron ore pricing and trade dynamics, with major Australian companies like BHP adapting to new pricing strategies involving the Chinese yuan [17][19] - The project is projected to boost Guinea's GDP by over 25% in the next decade, creating jobs and improving infrastructure along the railway [28][30] Group 4: Global Resource Strategy - The success of Simandou is seen as a model for China's approach to resource acquisition, emphasizing investment, infrastructure development, and local partnerships rather than exploitative practices [25][28] - This new paradigm is being replicated in other regions, including Africa and South America, as China seeks to establish a more equitable global resource order [28][30]

Group 1 - The 8th China International Import Expo is being held in Shanghai from November 5 to 10, with participation from 628 enterprises and institutions from Gansu [1] - A memorandum of cooperation was signed between Jinchuan Group and BHP for copper concentrate, with a contract value of $1 billion [1] - Tianshui Huatian Electronics Group signed a cooperation agreement with Hong Kong Advanced Limited, amounting to $50 million [1] Group 2 - Gansu held a key industry investment promotion meeting and import trade signing ceremony, resulting in 35 new investment projects with a total contract value of 9.582 billion RMB [1] - A total of 32 import trade contracts were signed, with a combined value of $3.27 billion, covering food and agricultural products, as well as machinery and equipment [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Assuming the incremental shipment guidance target is consistent with the incremental production guidance target, the year - on - year incremental shipments of the four major mining companies in Q4 2025 will be approximately 2.1 million tons. As of October 24, 2025, the year - on - year incremental shipments of the four major mining companies for the remaining period of Q4 will be approximately 5.4 million tons. After mutual verification, the year - on - year incremental shipments of the four major mining companies will not be high in the next two months [2][4][12]. 3. Summary by Directory 3.1 Overview - Combining the quarterly reports of the four major mining companies and Mysteel data, under given assumptions, the year - on - year incremental shipments of the four major mining companies will not be high in the next two months. Vale's Q4 production is expected to decrease by 1 Mt y/y, and its remaining Q4 shipment volume is projected to increase by 1.6 Mt y/y. BHP's Q4 2025 production is anticipated to rise by 0.5 Mt y/y, and its remaining Q4 shipment volume is expected to grow by 1 Mt y/y. FMG's Q4 2025 shipment volume is forecast to continue increasing by 0.6 Mt y/y, and its remaining Q4 shipment volume is expected to remain flat y/y. Rio Tinto's shipment progress is slow, and it may boost shipments at the end of the year, with Q4 shipment volume projected to increase by 2 Mt y/y and the remaining Q4 shipment volume's y/y growth estimated to be around 2.7 Mt [12][13][14]. 3.2 Quarterly Reports 3.2.1 Vale - Vale's 2025 annual production guidance target is 325 - 335 Mt, an increase of 2 Mt compared with 2024. The cumulative completion progress in the first three quarters is 74.4%, slightly higher than the past four - year average. Q4 production is expected to decrease by 1 Mt y/y. Assuming shipment guidance target increment is synchronized with production, the full - year shipment volume is expected to increase by 2 Mt y/y. As of October 24, the cumulative shipment volume has increased by 0.4 Mt y/y, and the remaining period's shipment volume is projected to rise by 1.6 Mt y/y [18][19][27]. - In Q3 2025, Vale's total iron ore production reached 94.4 Mt, a y/y increase of 4% (3.4 Mt). Pellet production was 7.997 Mt, a y/y decrease of 2.366 Mt but a slight increase compared with Q2. Iron ore sales totaled 86.0 Mt, 4.2 Mt higher y/y. Inventory increased by 4.5 Mt, mainly due to PFC in China [21][22][23]. - Northern System: Q3 production reached 48.737 Mt, basically flat y/y. S11D output reached 23.6 Mt (up 1.5 Mt y/y), offset by Serra Norte's 1.5 Mt y/y decrease. Southeastern System: Q3 production reached 22.721 Mt, a y/y increase of 1.135 Mt. Southern System: Q3 production reached 13.783 Mt, a y/y increase of 1.04 Mt [24][25][26]. 3.2.2 BHP - BHP's 100% basis production volume guidance for FY26 remains unchanged, increasing to 284 - 296 Mt compared with FY25, a y/y growth of 2 Mt. In Q3 2025, WAIO's production volume increased by 0.5 Mt y/y, and it is expected to continue rising by 0.5 Mt y/y in Q4 2025. Assuming shipment guidance target increment is synchronized with production, the full - year shipment volume is expected to increase by 2 Mt y/y. As of October 24, the cumulative y/y shipment volume of BHP's Australian operations in FY26 decreased by 1 Mt, and the remaining 2025 shipment volume is projected to increase by 1 Mt y/y [46][47][51]. - In Q3 2025, BHP's iron ore production reached 64 Mt, a y/y decrease of 0.54 Mt. WAIO had solid production with record material mined (up 9%) and strong shipments during planned maintenance. Samarco's production increased after recommissioning and ramp - up, and its FY26 production guidance remains at 7 - 7.5 Mt [48][49][50]. 3.2.3 FMG - In Q3 2025 (Q1 of FY26), FMG's total iron ore shipment volume reached 49.7 Mt, 4% higher than Q1 of FY25, setting a new record. The quarterly report maintains FY26's total shipment volume guidance at 195 - 205 Mt, an increase of 5 Mt compared to FY25. The Q3 2025 target completion rate reached 24.6%, slightly higher than the past four - year average. Q3 2025 shipment volume increased by 1.9 Mt y/y, and Q4 2025 is expected to continue growing by 0.6 Mt y/y. As of October 24, the cumulative y/y shipment volume of FMG in FY26 has increased by 4 Mt, and the remaining Q4 2025 shipment volume is projected to remain flat y/y [66][67][68]. 3.2.4 Rio - Rio's 2025 shipment guidance target for the Pilbara region remains at 323 - 328 Mt. As of Q3, the target completion rate is 71.1%, lower than the past four - year average. After cyclone impacts in Q1, Pilbara's annual shipment volume is expected to be at the lower end of the guidance range. Q4 shipment volume is expected to increase by 2 Mt y/y. As of October 24, Rio's cumulative shipments have decreased by approximately 0.7 Mt y/y, and the remaining Q4 shipment volume's y/y increment is expected to be around 2.7 Mt [84][85][87]. - In Q3, Rio's iron ore production reached 84.104 Mt, essentially unchanged y/y. The cumulative production in the first three quarters totaled 238 Mt, a y/y decrease of 3.867 Mt. Shipment volume in Q3 was 84.346 Mt, a slight y/y decline but a 6% quarter - on - quarter increase [86].

铁矿霸权崩塌！中矿集团7天逼澳洲巨头用人民币结算，美元神话破灭 【前言】 "一吨铁矿成本15美元，卖给中国120美元！"——这个让中国钢铁业咬牙切齿20年的数字，在2024年11月5日迎来了历史性转折。当澳洲必和必拓CEO在 董事会视频里摔碎咖啡杯时，他不会想到，中矿集团那个看似简单的交易暂停通知，竟会在72小时内撬动全球大宗商品结算体系。 铁矿背后的血色账本 2003年，中国加入WTO后工业狂飙，铁矿石需求暴涨300%。但普氏能源资讯的报价权却像铁链般锁住中国咽喉——他们用"神秘公式"算出的铁矿指 数，让澳洲矿山以15美元成本赚取120美元暴利。更荒诞的是，中国作为全球最大买家，连选择结算货币的权利都没有，20年被迫用美元完成2万亿交 易，仅汇率损失就超3000亿。 中矿集团的破局密码 2024年9月30日，中矿集团突然暂停所有美元结算铁矿交易。这一记"金融重拳"直接打在必和必拓的七寸——中国占其营收58%，失去中国市场意味着 每日2.3亿利润蒸发。更致命的是，中矿同步启动的"非洲矿源替代计划"已与几内亚西芒杜铁矿签订5000万吨年供货协议。 必和必拓CEO亨利在10月3日紧急召开的董事会中拍桌怒吼："他们 ...

Report Summary 1. Company Production and Sales Data - In Q3 2025, Vale's production was 94.4, with a 12.9% quarterly increase and a 3.8% year - on - year increase; sales were 86.0, with an 11.2% quarterly increase and a 5.1% year - on - year increase [5] - BHP Billiton (100% equity) had a production of 70.3 in Q3 2025, a - 9.3% quarterly decrease and a - 1.8% year - on - year decrease; sales were 70.6, a - 8.0% quarterly decrease and a - 1.3% year - on - year decrease [5] - Rio Tinto (100% equity) had a production of 84.1 in Q3 2025, a 0.5% quarterly increase and a 0.0% year - on - year increase; shipping volume was 84.3, a 5.5% quarterly increase and a - 0.2% year - on - year decrease [5] - FMG's shipping volume in Q3 2025 was 49.7, a - 10.0% quarterly decrease and a 4.2% year - on - year increase [5] 2. Product - Specific Data Iron Ore Products in 2025 Q3 - PB block: production was 17.7, with a 24% year - on - year increase and a 58% quarterly increase [17] - PB fines: production was 33.4, with a 25% year - on - year increase and a 55% quarterly increase [17] - Robe River block: production was 1.3, with a 14% year - on - year increase and a - 4% quarterly decrease [17] - Robe River fines: production was 2.2, with a - 13% year - on - year decrease and a - 15% quarterly decrease [17] - Yandi fines: production was 10.8, with a - 9% year - on - year decrease and a 1% quarterly increase [17] - SP10 block: production was 2.9, with a - 49% year - on - year decrease and a - 65% quarterly decrease [17] - SP10 fines: production was 3.2, with a - 70% year - on - year decrease and a - 75% quarterly decrease [17] Another Set of Iron Ore Products in 2025 Q3 - Newman: production was 13.72, with a 3% year - on - year increase and a - 9% quarterly decrease [23] - Area C: production was 29.42, with a 2% year - on - year increase and a - 10% quarterly decrease [23] - Yandi: production was 3.5, with a - 21% year - on - year decrease and a - 9% quarterly decrease [23] - Jinbuba: production was 15.38, with an - 8% year - on - year decrease and a - 7% quarterly decrease [23] Other Iron Ore Products in 2025 Q3 - Tieqiao: production was 2.1, with a 31% year - on - year increase and a - 13% quarterly decrease [26] - West Pilbara fines: production was 4, with an 11% year - on - year increase and a 14% quarterly increase [26] - King fines: production was 3.3, with an - 11% year - on - year decrease and a - 6% quarterly decrease [26] - Mixed fines: production was 18.3, with a 6% year - on - year increase and a - 15% quarterly decrease [26] - FMG block: production was 2.3, with a 10% year - on - year increase and a 28% quarterly increase [26] - Super Special fines: production was 19.6, with a 1% year - on - year increase and a - 13% quarterly decrease [26]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - In Q3 2025, the production and sales of the four major iron ore mines were generally stable. Vale's production and sales increased year - on - year and quarter - on - quarter, Rio Tinto remained basically flat, FMG declined quarter - on - quarter due to the first quarter of the new fiscal year, and BHP decreased both year - on - year and quarter - on - quarter [1]. - The total iron ore production/processing volume of the four major mines in Q3 was 299.5 million tons, basically flat quarter - on - quarter and up 1.63% year - on - year. In terms of sales, the total sales volume was 291 million tons, up 0.52% quarter - on - quarter and 1.86% year - on - year [1]. - For the first three quarters of 2025, the total production of the four major mines increased by about 10 million tons year - on - year, with FMG showing a significant increase. The total sales volume decreased by about 500,000 tons year - on - year, mainly due to Rio Tinto's reduced shipments [1]. - Overall, the four major mines were stable in the first three quarters. Rio Tinto may face some pressure to boost shipments in Q4. It is expected that the annual shipment volume of the four major mines will increase by 3.5 - 6 million tons year - on - year, with relatively limited overall growth [1]. 3. Summary by Company Rio Tinto - In Q3 2025, production in the Pilbara region remained high at about 84.1 million tons (100% equity), with year - on - year and quarter - on - quarter stability. Shipments were 84.3 million tons, basically flat year - on - year and up about 5.51% quarter - on - quarter, reaching the second - highest Q3 record since 2019 [6]. - The Gudai - Darri mine achieved its highest quarterly production, with an annualized production capacity of 51 million tons. The IOC mine in Canada produced about 2.348 million tons in Q3, up 11% year - on - year but down 6% quarter - on - quarter [9]. - Since July, Rio Tinto has been shipping adjusted PB fines. It maintains its 2025 shipment guidance of 323 - 338 million tons, but considering the early - year losses, the annual shipment is expected to be at the lower end of the guidance range [9]. BHP - In Q3 2025 (Q1 of FY2026), BHP's WAIO production was 62.01 million tons (equity basis), down about 2% year - on - year and 9% quarter - on - quarter; 70.25 million tons on a 100% equity basis, down about 2% year - on - year. Planned maintenance affected short - term production, but the Samarco project's output increased significantly [12]. - Sales were basically flat, with a slight year - on - year decline of about 1%. The sales of lump ore increased by 5% year - on - year. BHP maintains its FY2025 production guidance of 258 - 269 million tons (284 - 296 million tons on a 100% equity basis) [12]. FMG - In Q3 2025 (Q1 of FY2026), FMG's iron ore shipments were 49.7 million tons (including 2.1 million tons from the Iron Bridge project), up about 4% year - on - year, setting a record for the same period. Due to seasonal maintenance, shipments decreased by about 10% quarter - on - quarter. Ore processing volume was 50.8 million tons, up about 6% year - on - year [16]. - The proportion of Super Special Fines and Blend Fines is about 78%. FMG maintains its FY2026 shipment guidance of 195 - 205 million tons, with the Iron Bridge project contributing about 10 - 12 million tons [16]. Vale - In Q3 2025, Vale's iron ore production reached 94.4 million tons, up 3.8% year - on - year and 12.9% quarter - on - quarter, the highest for the same period since 2018. Sales were 86 million tons, up 5.1% year - on - year and 11.2% quarter - on - quarter [18][23]. - Inventory increased by about 4.5 million tons in Q3, mainly due to more in - transit concentrate products in China. The pellet production in Q3 was 7.997 million tons, down 22.8% year - on - year [23]. - Assuming Q4 production is the same as the previous year, Vale's annual production is expected to be slightly higher than the mid - point of the guidance range of 325 - 335 million tons [24].

Group 1: Global Iron Ore Shipment and Production - In the first three quarters of 2025, global iron ore shipments reached 120.031 million tons, a year-on-year increase of 0.2% [1] - The four major mining companies collectively shipped 72.155 million tons, a 0.5% increase year-on-year, accounting for 60% of global shipments [1] - China's iron ore imports decreased by 1.8% year-on-year, totaling 96.889 million tons [1] Group 2: Vale's Production and Sales Performance - Vale's iron ore production in Q3 2025 was 94.4 million tons, a 3.8% increase year-on-year, with a cumulative production of 245.67 million tons, up 1.3% [4] - Vale's Q3 sales volume was 86 million tons, a 5.1% increase year-on-year, with iron concentrate sales showing strong performance [5] - The average price of Vale's iron ore in Q3 was $94.4 per ton, reflecting a $9.3 increase from the previous quarter [5] Group 3: Rio Tinto's Production and Project Updates - Rio Tinto's iron ore production in the Pilbara region for Q3 2025 was 84.1 million tons, a slight increase of 0.1% year-on-year, while shipments decreased by 0.2% [8] - The Guinea Simfer project has begun trial operations, with the first shipment expected in November 2025, which may impact the global iron ore supply structure [9] - Rio Tinto's new projects are progressing as planned, with several expected to reach full production by 2027 [10] Group 4: BHP's Production and Sales Insights - BHP's iron ore production in Q3 2025 was 70.25 million tons, a 1.9% decrease year-on-year, with cumulative production of 215.57 million tons, down 0.4% [15] - BHP's sales volume for Q3 was 70.59 million tons, a 1.3% decrease year-on-year, with block ore performing relatively well [17] - The company maintains its shipment guidance for FY2026 despite the decline in production [13] Group 5: Fortescue Metals Group (FMG) Performance - FMG's iron ore processing volume in Q3 2025 was 50.8 million tons, a 5.8% year-on-year increase, with shipments reaching 49.7 million tons [22] - The Iron Bridge project saw significant production increases, with processing volume up 62% year-on-year [22] - FMG's sales performance was strong across most product categories, with notable growth in the Iron Bridge product line [24]

Market Overview - The benchmark S&P/ASX 200 index closed down approximately 0.9%, finishing near 8813.7 after a previous close of 8894.8 [1][7] - The market session had a day range between 8801.9 and 8894.8 points, with liquidity remaining moderate [1][6] RBA Announcement - The Reserve Bank of Australia (RBA) maintained the cash rate at 3.6%, confirming monetary policy stability amid higher inflation concerns [1][7] Top Gainers - Droneshield Ltd surged 8.62% to close at AUD 4.16, with a remarkable 337.89% price increase over the past year and a market cap of AUD 3.6 billion [7] - NEXTDC Ltd rose 4.24% to AUD 16.49 [7] - Light & Wonder Inc advanced 3.54% to AUD 116.00 despite an 18.67% decline over the last 12 months [7] - Austal Ltd gained 2.66% to finish at AUD 6.96 [7] Notable Declines - Nexgen Energy (Canada) Ltd led losses with a 7.03% drop to AUD 14.03 [7] - SILEX Systems Ltd declined 6.02% to AUD 9.37 [7] - Eagers Automotive Ltd fell 5.43% to AUD 32.55 [7] - Brambles Ltd slipped 5.26% to AUD 23.41, despite a market cap of AUD 32 billion and a 25.66% rise over the year [7] Major Companies - BHP Group Limited saw a decline of approximately 1.91%, closing at AUD 42.54, with a 52-week high of AUD 44.55, indicating a current drop of around 3.04% from that peak [7] - Commonwealth Bank of Australia (CBA) closed at AUD 174.11, down by almost 0.82% on the day [5][7] Market Influences - The timing of the Melbourne Cup holiday period traditionally affects market trading volumes and participation [7] - Concerns about rising household costs and inflationary pressures are influencing cautious trading sentiments, particularly in consumer-dependent sectors [7]

Core Viewpoint - Teck Resources' Quebrada Blanca mine in Chile is showing signs of recovery, which is crucial for its $53 billion merger with Anglo American, as it raises questions about the mine's viability and future role [1][5]. Group 1: Mine Performance and Recovery - Mill throughput and copper recoveries at Quebrada Blanca are now meeting expectations due to an action plan initiated in August [2]. - The "QB Action Plan" includes significant upgrades to tailings infrastructure, with 59% of the mine's cyclones replaced, and full replacement expected by the end of 2025 [3]. - The current mine plan utilizes only 15% of Quebrada Blanca's resource base, indicating potential for long-term growth [4]. Group 2: Merger and Integration - The turnaround at Quebrada Blanca coincides with the merger between Teck and Anglo American, which aims to create the world's largest copper mine by the early 2030s [5]. - The integration of Quebrada Blanca with Anglo's Collahuasi mine, located just 15 km away, is a central feature of the merger [6]. - The combined QB-Collahuasi complex is projected to yield around one million tonnes of copper annually, with a proposed conveyor system expected to add 175,000 tonnes of copper output per year between 2030 and 2049 [7]. Group 3: Financial Projections and Market Position - The integration of operations is anticipated to generate up to $1.4 billion in additional annual EBITDA and $800 million in pretax synergies through improved procurement and operations [8]. - Teck is valued at $10.8 billion on a post-tax, sum-of-the-parts basis, with $13.8 billion attributed to copper assets, excluding synergy gains from the merger [9]. - If completed, the merger would position Anglo-Teck among the top five global copper producers, with an output of 1.35 million tonnes annually, surpassing Escondida's projected output of 1.28 million tonnes in 2024 [9].

Report's Investment Rating for the Industry There is no information provided regarding the report's investment rating for the industry. Core Views of the Report - Vale: In Q3, production and sales increased year-on-year, and the annual production target remained unchanged. The quarterly iron ore production was 94.4 million tons, a 12.9% increase quarter-on-quarter and a 3.8% increase year-on-year. The quarterly iron ore sales were 86 million tons, a 11.2% increase quarter-on-quarter and a 5.1% increase year-on-year. The company maintained its 2025 production target of 325 - 335 million tons [4][5]. - Rio Tinto: In Q3, production and sales were flat year-on-year, and the Simandou iron ore started loading in October. The iron ore production of Pilbara operations was 84.1 million tons, with a 0.4% quarter-on-quarter increase. The company expects to supply 50 - 100 million tons from Simandou this year [6][7]. - BHP: In Q3, iron ore production and sales were below expectations, and the fiscal year 2026 target was slightly raised. The iron ore production of Pilbara operations was 70.25 million tons, a 9.3% decrease quarter-on-quarter and a 1.9% decrease year-on-year. The fiscal year 2026 target was maintained at 284 - 296 million tons, an increase of 2 million tons from the previous fiscal year [8][9]. - FMG: In Q3, production and sales increased year-on-year, and shipments in Q4 are expected to remain at a high level. The total iron ore processing volume was 50.8 million tons, a 6.6% decrease quarter-on-quarter and a 5.8% increase year-on-year. The iron ore shipments reached 49.7 million tons, a 10% decrease quarter-on-quarter and a 4.2% increase year-on-year. The fiscal year 2026 shipment target was set at 195 - 205 million tons [10][11]. Summary by Company Vale - Production: Q3 production was 94.4 million tons, a 12.9% increase quarter-on-quarter and a 3.8% increase year-on-year. The production in the first three quarters of 2025 increased by 3.27 million tons or 1.3% year-on-year [4][17]. - Sales: Q3 sales were 86 million tons, a 11.2% increase quarter-on-quarter and a 5.1% increase year-on-year. The sales from January to September increased by 1.8% year-on-year [4][5]. - Shipping: As of October 17, the cumulative year-on-year increase in shipments was 200,000 tons, a decrease of nearly 2.2 million tons from the peak. The cumulative year-on-year decrease in arrivals at Chinese ports narrowed to about 930,000 tons [27][30]. Rio Tinto - Production: Q3 production of Pilbara operations was 84.1 million tons, a 0.4% increase quarter-on-quarter and flat year-on-year. The company expects to supply 50 - 100 million tons from Simandou this year [6][7]. - Sales: Q3 sales of Pilbara operations were 90.81 million tons, a 5.0% increase quarter-on-quarter and a 4.0% increase year-on-year. The 2025 shipment target for Pilbara iron ore remains unchanged at 323 - 338 million tons [36]. - Shipping: As of October 17, the cumulative year-on-year decrease in shipments was 2 million tons, a recovery of 3.2 million tons from the low point. The cumulative year-on-year increase in shipments to China was 2.59 million tons, a recovery of 4.65 million tons from the low point. The cumulative year-on-year increase in arrivals at Chinese ports was 610,000 tons [44]. BHP - Production: Q3 production of Pilbara operations was 70.25 million tons, a 9.3% decrease quarter-on-quarter and a 1.9% decrease year-on-year. The fiscal year 2026 target was maintained at 284 - 296 million tons, an increase of 2 million tons from the previous fiscal year [8][9]. - Sales: Q3 total sales of Pilbara operations were 70.59 million tons, an 8.0% decrease quarter-on-quarter and a 1.3% decrease year-on-year [9]. - Shipping: As of October 17, the cumulative year-on-year decrease in shipments was 2.27 million tons, a decrease of 800,000 tons from early July. The cumulative year-on-year decrease in shipments to China was 2.87 million tons, a decrease of 1.4 million tons from early July. The cumulative year-on-year decrease in arrivals at Chinese ports was 10.61 million tons [57]. FMG - Production: Q3 total iron ore processing volume was 50.8 million tons, a 6.6% decrease quarter-on-quarter and a 5.8% increase year-on-year. The Iron Bridge project contributed 2.1 million tons, a 12% decrease quarter-on-quarter and a 31.25% increase year-on-year [10]. - Sales: Q3 iron ore shipments reached 49.7 million tons, a 10% decrease quarter-on-quarter and a 4.2% increase year-on-year. The fiscal year 2026 shipment target was set at 195 - 205 million tons [10][11]. - Shipping: As of October 17, the cumulative year-on-year increase in shipments was 8.72 million tons, and the cumulative year-on-year increase in shipments to China was 8.93 million tons. The cumulative year-on-year increase in arrivals at Chinese ports was 540,000 tons [63].