Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about VALE S.A. (VALE) .VALE currently has an average brokerage recommendation ( ...

Group 1 - Indonesia's sovereign wealth fund will collaborate with China's Greeenmei, South Korea's Ecopro, and nickel miners Vale and Mindo Nickel to invest in nickel processing projects [1]

Group 1 - The core viewpoint is that Vale has not only reaffirmed its transformation process but has also deepened it, presenting unique strategic opportunities despite a challenging context [1]. Group 2 - The company is positioned as a value company with solid long-term potential, which aligns with the investment approach focused on identifying such opportunities [1].

Report Industry Investment Rating No relevant content provided. Core Views - The production and sales of Vale in the second quarter showed differentiation, and the annual production target remained unchanged. Vale's quarterly iron ore production in the second quarter was 83.6 million tons, a quarter-on-quarter increase of 23.6% and a year-on-year increase of 3 million tons or 3.7%. The quarterly iron ore sales volume was 77.346 million tons, a quarter-on-quarter increase of 16.9% and a year-on-year decrease of 2.45 million tons or 3.1% [3][4]. - Rio Tinto's production and sales both increased significantly in the second quarter, and the shipment of Simandou iron ore was advanced to November. In the second quarter of 2025, Rio Tinto's iron ore production from its Pilbara operations was 83.74 million tons, a quarter-on-quarter increase of 20% and a year-on-year increase of 5.4%. The sales volume was 86.47 million tons, a quarter-on-quarter increase of 14.8% and a year-on-year decrease of 1.1%, with the decline significantly narrowing compared to the first quarter [5][6]. - BHP Billiton's iron ore production and sales both increased quarter-on-quarter and year-on-year in the second quarter, and the target for the 2026 fiscal year was slightly raised. In the second quarter of 2025, BHP Billiton's iron ore production from its Pilbara operations (100% basis) was 77.48 million tons, a quarter-on-quarter increase of 14.2% and a year-on-year increase of 0.9%. The total sales volume was 76.723 million tons, a quarter-on-quarter increase of 14.9% and a year-on-year increase of 1.1% [8][9]. - FMG's production and sales both increased quarter-on-quarter and year-on-year in the second quarter, and the single-quarter shipment reached a record high. In the second quarter, FMG's total iron ore processing volume was 54.4 million tons, a quarter-on-quarter increase of 14.3% and a year-on-year increase of 7.1%. The iron ore shipment volume reached 55.2 million tons, a quarter-on-quarter increase of 19.7% and a year-on-year increase of 2.8% [10]. Summary by Directory Vale - Production: The quarterly iron ore production in the second quarter was 83.6 million tons, a quarter-on-quarter increase of 23.6% and a year-on-year increase of 3 million tons or 3.7%. The increase was mainly due to the strong performance of the Brucutu mine in Minas Gerais and the record-high production of the S11D mine in Parana. The annual production target for 2025 is 325 - 335 million tons, and the new projects VGR1 and Capanema are expected to contribute incremental output in the second half of the year [3][16]. - Sales: The quarterly iron ore sales volume in the second quarter was 77.346 million tons, a quarter-on-quarter increase of 16.9% and a year-on-year decrease of 2.45 million tons or 3.1%. Sales decreased in most regions, with the overall sales volume turning negative year-on-year [4][21]. - Shipping and Arrival: From the steel shipping data, Vale's shipments showed a positive year-on-year growth in the second quarter. As of July 21, the cumulative year-on-year increase in iron ore shipments was 2.24 million tons, and the cumulative year-on-year decrease in China's port iron ore arrivals narrowed to about 5.6 million tons [26]. Rio Tinto - Production: In the second quarter of 2025, the iron ore production from its Pilbara operations was 83.74 million tons, a quarter-on-quarter increase of 20% and a year-on-year increase of 5.4%. The Simandou iron ore will ship its first cargo in November 2025, earlier than previously planned, with a limited supply volume this year [5][31]. - Sales: The sales volume in the second quarter was 86.47 million tons, a quarter-on-quarter increase of 14.8% and a year-on-year decrease of 1.1%, with the decline significantly narrowing compared to the first quarter. The 2025 Pilbara iron ore shipment target (100%) remains unchanged at 323 - 338 million tons, but the shipment volume is expected to be at the lower end of the guidance due to the difficult-to-make-up reduction caused by extreme weather events in the first quarter [6][36]. - Shipping and Arrival: The incremental iron ore shipments in the second quarter showed a pattern of high in the front and low in the back. As of July 21, the cumulative year-on-year decrease in iron ore shipments was 4.65 million tons, and the cumulative year-on-year decrease in shipments to China was 1.08 million tons. The cumulative year-on-year decrease in China's port iron ore arrivals was 1.66 million tons [44]. BHP Billiton - Production: In the second quarter of 2025, the iron ore production from its Pilbara operations (100% basis) was 77.48 million tons, a quarter-on-quarter increase of 14.2% and a year-on-year increase of 0.9%. The production in 2025 fiscal year was 288 million tons, the same as last year, meeting the fiscal year target. The target guidance for the 2026 fiscal year is 284 - 296 million tons (100% basis) [8][51]. - Sales: The total sales volume in the second quarter was 76.723 million tons, a quarter-on-quarter increase of 14.9% and a year-on-year increase of 1.1% [9][54]. - Shipping and Arrival: The shipments continued to recover year-on-year. As of July 21, the cumulative year-on-year decrease in iron ore shipments was 1.09 million tons, and the cumulative year-on-year decrease in shipments to China was 1.67 million tons. The cumulative year-on-year decrease in China's port iron ore arrivals reached 7 million tons [60]. FMG - Production and Sales: In the second quarter, the total iron ore processing volume was 54.4 million tons, a quarter-on-quarter increase of 14.3% and a year-on-year increase of 7.1%. The iron ore shipment volume reached 55.2 million tons, a quarter-on-quarter increase of 19.7% and a year-on-year increase of 2.8%, with a record-high single-quarter shipment [10][63]. - Iron Bridge Project: The Iron Bridge magnetite project contributed 2.4 million tons, with continuous production increase and still in the phased capacity ramp-up [63]. - Fiscal Year Target: The 2026 fiscal year shipment target is set at 195 - 205 million tons (with a target shipment volume of 10 - 12 million tons for the Iron Bridge project), with the upper and lower limits of the guidance target for the 2025 fiscal year increased by 5 million tons respectively [10][63]. - Shipping and Arrival: The cumulative year-on-year growth in shipments was maintained. As of July 21, the cumulative year-on-year increase in iron ore shipments was 5.59 million tons, and the cumulative year-on-year increase in shipments to China was 5.84 million tons. The cumulative year-on-year decrease in China's port iron ore arrivals was 3.07 million tons [66].

淡水河谷：不同区域间产量出现分化 下半年有望小幅增产 2025年上半年，全球铁矿石发运量为78387万吨，同比微降0.23%。其中，四大矿山的发运量为52702万 吨，同比增加0.3%，在全球总发运量中所占比例为67.2%，较去年同期提升0.4个百分点；非主流矿山发 运量为13970万吨，同比下降2.2%，占全球总发运量的比例为17.8%。同期，我国铁矿石进口到港量为 63316万吨，同比下降3.3%。这主要是因为一季度全球铁矿石发运节奏较为缓慢，尽管二季度情况有所 好转并呈现回升态势，但整体仍略低于去年同期的水平。 从产量来看，二季度，四大矿山单季产量均创历史新高，上半年总产量达到55209万吨，较2024年同期 的54694万吨增加0.9%。考虑到除淡水河谷维持原来的产量指导不变外，其他矿山的产量都有不同程度 的上调，预计下半年四大矿山的产量仍小幅增加。 二季度，淡水河谷铁矿石产量达8360万吨，环比增加14.2%，同比增加4%；上半年累计产量为15126万 吨，同比微降0.1%。按区域系统划分，产量出现分化：北方系统增产220万吨，创下2021年以来的二季 度最高水平；东南系统增产210万吨，刷新201 ...

Group 1: Production, Sales, and Shipping Volume - In Q2 2025, FMG's production was 83.6, a 23.6% increase from Q1 2025 and a 3.7% increase from Q2 2024; sales were 77.3, a 16.9% increase from Q1 2025 but a 3.1% decrease from Q2 2024 [7] - In Q2 2025, for another data set, production was 77.5, a 14.3% increase from Q1 2025 and a 0.9% increase from Q2 2024; sales were 76.7, a 14.8% increase from Q1 2025 and a 1.1% increase from Q2 2024 [7] - In Q2 2025, for yet another data set, production was 83.7, a 19.9% increase from Q1 2025 and a 5.3% increase from Q2 2024; shipping volume was 79.9, a 13.0% increase from Q1 2025 but a 0.5% decrease from Q2 2024; FMG's shipping volume was 55.2, a 19.7% increase from Q1 2025 and a 2.8% increase from Q2 2024 [7] Group 2: Product Data (PB and Others) - In Q2 2025, PB block was 11.2, with a -10% year - on - year change and a 14% quarter - on - quarter change; PB powder was 21.5, with a -13% year - on - year change and a 14% quarter - on - quarter change [15] - In Q2 2025, Robe River block was 1.4, with a 4% year - on - year change and a 20% quarter - on - quarter change; Robe River powder was 2.6, with a -15% year - on - year change and an 18% quarter - on - quarter change [15] - In Q2 2025, Yangdi powder was 10.6, with a -6% year - on - year change and a 14% quarter - on - quarter change; SP10 block was 8.3, with a 64% year - on - year change and a 3% quarter - on - quarter change; SP10 powder was 12.5, with a 52% year - on - year change and a 9% quarter - on - quarter change [15] Group 3: Other Product Data - In Q2 2025, Newman was 15.07, with a 5% year - on - year change and a 26% quarter - on - quarter change; Area C was 32.82, with a 13% year - on - year change and an 18% quarter - on - quarter change [22] - In Q2 2025, Yangdi was 3.85, with a -27% year - on - year change and a 1% quarter - on - quarter change; Jinbuba was 16.6, with a -14% year - on - year change and a 1% quarter - on - quarter change [22] Group 4: More Product Data - In Q2 2025, Tieqiao was 2.4, with a 300% year - on - year change and a 60% quarter - on - quarter change; Western Pilbara powder was 3.5, with a 192% year - on - year change and a 3% quarter - on - quarter change [25] - In Q2 2025, King powder was 3.5, with a 6% year - on - year change and a -13% quarter - on - quarter change; Mixed powder was 21.5, with a 4% year - on - year change and a 24% quarter - on - quarter change [25] - In Q2 2025, FMG block was 1.8, with no year - on - year change and a 0% quarter - on - quarter change; Super Special powder was 22.6, with a -19% year - on - year change and a 26% quarter - on - quarter change [25]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **basic materials sector** in China, particularly focusing on **coal**, **steel**, **cement**, and **lithium** in the context of China's **anti-involution policy** [5][12]. Core Insights and Arguments - **Anti-Involution Policy**: This policy aims to rectify low-price and disorderly competition, eliminate outdated capacity, and create a unified national market. It emphasizes sectors like **electric vehicles (EV)**, **solar**, and **e-commerce**, while focusing on **lithium** and **coal** in basic materials [5][12]. - **Coal Inspections**: The National Energy Administration (NEA) is inspecting coal mines in eight provinces to address overproduction. The impact is more significant in **metallurgical coal** (26% volume impact) compared to **thermal coal** (3% volume impact). Production cuts are anticipated, but execution remains uncertain [6][14]. - **Price Projections**: - **Met Coal**: Prices are expected to average around **RMB 1,200/ton** with potential curtailments [6][14]. - **Thermal Coal**: Prices may recover to **RMB 670/ton** during summer but are expected to soften in Q4, averaging **RMB 630/ton** in 2025 [14]. - **Steel Sector**: Steel is considered a lower priority in the anti-involution campaign due to previous successful reforms. Steel output has already declined by **7-9% year-on-year** in May-June [7][14]. Additional Important Insights - **Hydropower Project Impact**: The Yarlung Zangbo hydropower project, costing **RMB 1.2 trillion**, is expected to consume **4.3 million tons per annum (mtpa)** of cement and **0.6 mtpa** of steel, which is not anticipated to significantly impact overall commodity consumption [10][12]. - **Iron Ore Market**: Iron ore prices have increased from **$93/ton** to **$103/ton** due to expectations of property stimulus and supply reform. Steel production in China has slowed, and exports remain strong at **~112 million tons** in June [11][12]. - **Inventory Levels**: Both thermal and metallurgical coal inventories are healthier compared to earlier in 2025, with thermal coal inventories at Independent Power Producers (IPPs) remaining elevated [14]. Conclusion - The conference call provided a comprehensive overview of the implications of China's anti-involution policy on the basic materials sector, particularly coal and steel. The anticipated production cuts and price adjustments reflect the government's efforts to stabilize the market while addressing overproduction issues. The impact of new infrastructure projects on commodity demand appears limited, and the overall sentiment in the iron ore market remains cautiously optimistic.

Report Industry Investment Ratings - Gold: Short - term, the trend is expected to be oscillating and bullish [13] - US Dollar Index: Short - term, expected to be oscillating [17] - US Stock Index Futures: Attention should be paid to the risk of correction at the current level [19] - Stock Index Futures: It is recommended to allocate each stock index evenly [21] - Treasury Bond Futures: In early August, it is a favorable period for the bond market, but the upward rhythm is relatively tortuous. It is not recommended to chase the long position [25] - Soybean Meal: The futures price is expected to maintain a pattern of being strong domestically and weak overseas. If Sino - US relations do not make substantial progress, the price center is expected to rise [29][30] - Edible Oils (Soybean, Rapeseed, Palm): For palm oil, pay attention to Indonesia's production recovery in August; for soybean oil, pay attention to the sustainability of domestic exports [32] - Sugar: Zhengzhou sugar is expected to be weakly oscillating in the short - term, with an operating range of 5500/5600 - 5900 yuan/ton [37] - Steam Coal: The price is expected to oscillate around the long - term agreement price of 670 yuan. Pay attention to the price performance after the decline in rigid demand in mid - to late August [39] - Rebar/HRC: Adopt a cautious and oscillating approach in the near future [43] - Iron Ore: In the short - term, it is expected to continue the oscillating market. Pay attention to the impact of the switch of production restriction expectations [45] - Corn Starch: The price difference between rice and powder is expected to remain low and oscillating [49] - Corn: In the medium - to long - term, it is expected to maintain an oscillating downward trend. It is recommended to hold new - crop short positions [51] - Coking Coal/Coke: In the short - term, it is expected to be oscillating. The 09 contract will focus on the delivery situation [54] - Polysilicon: In the short - term, the price is expected to operate between 45000 - 57000 yuan/ton. Consider a callback - bullish strategy and sell out - of - the - money put options [57] - Industrial Silicon: The short - term decline sentiment has not been fully released. Consider gradually closing short positions and look for potential long - entry opportunities later [59] - Lead: Pay attention to short - term buying opportunities at low prices and manage positions well. For arbitrage, temporarily observe. Consider long - short arbitrage opportunities between domestic and foreign markets [61] - Zinc: Unilaterally, it is recommended to observe. Low - position speculative long positions can be held in the short - term. For arbitrage, pay attention to medium - term long - short arbitrage opportunities. Observe the domestic and foreign markets [66] - Copper: Unilaterally, it is expected to oscillate at a high level. Pay attention to overseas mine disturbance risks. Consider long positions at low prices. For arbitrage, pay attention to the copper long - short arbitrage strategy between domestic and foreign markets [71] - Lithium Carbonate: Consider lightly going long at low prices. For the 9 - 11 spread, take profit [73] - Nickel: In the short - term, it is difficult for the price to fall deeply. Pay attention to band trading opportunities [76] - Liquefied Petroleum Gas: The price is expected to be weakly oscillating [79] - Crude Oil: Short - term price volatility is expected to increase [82] - Caustic Soda: The subsequent market is expected to be oscillating [83] - Pulp: The futures price is expected to decline following the commodities [85] - PVC: The futures price is expected to decline following the commodities [86] - Styrene: The near - month contract is expected to be weakly oscillating. For pure benzene, consider allocation opportunities if the expected decline occurs [89][90] - Bottle Chip: Consider the opportunity to expand the processing margin by rolling long at low prices [93] - Urea: The Indian tender result is better than expected, which may support the futures price [96] Core Views - The employment market data is weakening, and the Fed's expectation of interest rate cuts is increasing. Gold is oscillating and bullish in the short - term. The US dollar is affected by Trump's tariff policy and is expected to be oscillating in the short - term [12][16][17] - A - share market shows strong resilience, with high risk appetite. The service trade deficit in China has decreased significantly in the first half of the year [21] - In the agricultural product market, the increase in sugar imports in some countries indicates low global consumer inventories. The supply and demand of various agricultural products are affected by factors such as production, weather, and inventory [26][36] - In the black metal market, steel prices are oscillating, and the impact of environmental protection production restrictions on actual output needs to be rationally evaluated. The supply and demand of coal and iron ore are affected by factors such as weather and policy [38][42] - In the non - ferrous metal market, the price trends of different metals are affected by factors such as production, demand, and policy. For example, copper is affected by the Fed's interest rate cut expectation and overseas mine disturbances [71] - In the energy and chemical market, the prices of various products are affected by factors such as supply, demand, and international market conditions. For example, the price of crude oil is affected by OPEC+ production decisions and Trump's tariff policy [81] Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Trump plans to significantly increase tariffs on India, and the Fed's interest rate cut expectation is increasing. Gold is oscillating and bullish in the short - term [11][12][13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's tariff policy against India and the Fed official's statement on interest rate cuts. The US dollar is expected to be oscillating in the short - term [15][16][17] 1.3 Macro Strategy (US Stock Index Futures) - The EU suspends trade counter - measures against the US, and the June factory orders in the US decreased. Attention should be paid to the risk of correction at the current level [18][19] 1.4 Macro Strategy (Stock Index Futures) - China's service trade deficit decreased in the first half of the year. A - shares show strong resilience. It is recommended to allocate each stock index evenly [21] 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducts reverse repurchase operations. In early August, it is a favorable period for the bond market, but the upward rhythm is tortuous. It is not recommended to chase the long position [22][24][25] 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Meal) - Brazil's soybean production is expected to increase, and the US soybean's good - to - excellent rate is 69%. The domestic soybean meal futures price is expected to be strong domestically and weak overseas [26][27][29] 2.2 Agricultural Products (Soybean, Rapeseed, Palm Oils) - The inventory of soybean oil increased, and that of palm oil decreased. Pay attention to Indonesia's palm oil production and the sustainability of domestic soybean oil exports [31][32] 2.3 Agricultural Products (Sugar) - Pakistan and the Philippines plan to import sugar. The international sugar price is expected to be weakly oscillating, and Zhengzhou sugar is expected to be weakly oscillating in the short - term [34][35][37] 2.4 Black Metals (Steam Coal) - Rainfall in Inner Mongolia affects coal production. The coal price is expected to oscillate around 670 yuan, and pay attention to the price after the decline in rigid demand [38][39] 2.5 Black Metals (Rebar/HRC) - Trump's tariff policy on multiple countries. Steel prices are oscillating, and the impact of environmental protection production restrictions needs to be rationally evaluated [40][42][43] 2.6 Black Metals (Iron Ore) - The transportation of Mariposa iron ore is approved. The iron ore price is expected to oscillate in the short - term [44][45] 2.7 Agricultural Products (Corn Starch) - The prices of starch by - products are weak and stable. The price difference between rice and powder is expected to remain low and oscillating [46][49] 2.8 Agricultural Products (Corn) - Typhoons affect the weather in some areas. Corn is expected to decline oscillatingly in the medium - to long - term [50][51] 2.9 Black Metals (Coking Coal/Coke) - Rainfall in Inner Mongolia affects coal production. The coking coal and coke prices are expected to be oscillating in the short - term [52][53][54] 2.10 Non - Ferrous Metals (Polysilicon) - India releases a solar cell list. The polysilicon price is expected to operate between 45000 - 57000 yuan/ton in the short - term [55][57] 2.11 Non - Ferrous Metals (Industrial Silicon) - The production of industrial silicon in July increased. The short - term decline sentiment has not been fully released [58][59] 2.12 Non - Ferrous Metals (Lead) - The lead ingot inventory decreased slightly. Consider short - term buying opportunities at low prices [60][61] 2.13 Non - Ferrous Metals (Zinc) - The zinc inventory increased. The zinc price is expected to be oscillating, and pay attention to the integer - level support [62][65][66] 2.14 Non - Ferrous Metals (Copper) - Vale emphasizes copper growth. The copper price is expected to oscillate at a high level, and pay attention to overseas mine disturbances [67][71] 2.15 Non - Ferrous Metals (Lithium Carbonate) - MinRes and Dynamic modify the lithium joint - venture terms. Consider lightly going long at low prices [72][73] 2.16 Non - Ferrous Metals (Nickel) - The price of nickel iron is difficult to repair. Nickel is expected to have band trading opportunities [75][76] 2.17 Energy and Chemicals (Liquefied Petroleum Gas) - The price of LPG is expected to be weakly oscillating [78][79] 2.18 Energy and Chemicals (Crude Oil) - Trump threatens to increase tariffs on India. Short - term price volatility is expected to increase [80][81][82] 2.19 Energy and Chemicals (Caustic Soda) - The caustic soda market is expected to be oscillating [82][83] 2.20 Energy and Chemicals (Pulp) - The pulp market is expected to decline following the commodities [84][85] 2.21 Energy and Chemicals (PVC) - The PVC market is expected to decline following the commodities [86] 2.22 Energy and Chemicals (Styrene) - The near - month contract of styrene is expected to be weakly oscillating. For pure benzene, consider allocation opportunities if the expected decline occurs [87][89][90] 2.23 Energy and Chemicals (Bottle Chip) - Consider the opportunity to expand the processing margin by rolling long at low prices [92][93] 2.24 Energy and Chemicals (Urea) - The Indian tender result is better than expected, which may support the futures price [95][96]

Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views of the Report - In Q2 2025, the production and transportation volume of the four major iron ore mines increased significantly, with a year - on - year growth of 3.5% and a quarter - on - quarter increase of nearly 20%, basically catching up to last year's level in the first half of the year [1][5]. - The trend of "increase in mainstream mines and decrease in non - mainstream mines" was further reflected in Q2, and the dominant position of mainstream mines in Australia and Brazil in the global seaborne iron ore market may be further strengthened [2][44]. Group 3: Summary of Each Section 1. Overview of the Four Major Mines' Q2 2025 Operations - The total production/transportation volume of the four major mines in Q2 2025 was 293 million tons, with a year - on - year increase of 3.5% and a quarter - on - quarter increase of nearly 20%. The significant volume boost by BHP and Fortescue in June was the main driver of the excellent performance in Q2 [1][5]. - In the first half of 2025, only Rio Tinto's production was still significantly behind last year's level. BHP and Fortescue both raised their production and transportation targets for FY26, indicating confidence in their supply chain efficiency and new production capacity [6]. 2. Key Points of the Four Major Mines' Quarterly Reports 2.1 Vale - **Overall Situation**: In Q2, Vale's iron ore production was 83.599 million tons, a year - on - year increase of 3.7%. Sales volume was 77.346 million tons, a year - on - year decrease of 3.1%. The C1 cash cost was 22.2 US dollars/wet ton, a year - on - year decrease of 10.8%. The AIC was 55.3 US dollars/wet ton, a year - on - year decrease of 9.6% [8][12][13]. - **Operation Details**: The northern system's Q2 production reached 41.222 million tons, a record high since 2021. The southeast system performed well, with the fourth processing line of Brucutu driving production to a new high. The southern system's production declined due to construction issues. The company plans to conduct maintenance on the São Luis pellet plant in Q3. Pellet sales in Q2 were about 7.5 million tons, a year - on - year decrease of 16% [15][16][19]. 2.2 Rio Tinto - **Overall Situation**: In Q2, Rio Tinto's Pilbara mine production was 83.743 million tons, a year - on - year increase of 5.4%, reaching a new high since 2018. The shipping volume was 79.887 million tons, a year - on - year decrease of 0.5%. The company maintained its Pilbara shipping volume guidance range of 323 - 338 million tons but expected the actual volume to be closer to the lower limit [22][23]. - **Operation Details**: The Western Range project was put into production in March and is expected to reach full production by the end of 2025. The Brockman Syncline 1 project is planned to be put into production in 2027, and the Hope Downs - 2 project started construction in June. The first shipment of the Guinea Simandou iron ore project is still expected in November, with an estimated shipment of 50 - 100 million tons in 2025 [25][27]. 2.3 BHP - **Overall Situation**: In Q2, BHP's equity production was 70.339 million tons, a year - on - year increase of 1.6%. Sales volume was 69.843 million tons, a year - on - year increase of 2.2%. In FY2025, the full - year equity production was about 263 million tons, higher than the previous guidance range. The company announced an upward - adjusted equity production guidance range of 258 - 269 million tons for FY2026 [31][32]. - **Operation Details**: In the Western Australia WAIO mine, the improvement of logistics efficiency and the full - production of the South Slope project contributed to the production increase. In the Brazilian Samarco, the production continued to rise with the help of the capacity ramp - up of the No. 2 concentrator [34][35]. 2.4 Fortescue - **Overall Situation**: In Q2, the company's iron ore shipping volume was 55.2 million tons, a year - on - year increase of 2.8%. In FY2025, the full - year shipping volume was 198.4 million tons, a year - on - year increase of 3.5%. The C1 cost of Pilbara hematite in Q2 was 16.29 US dollars/wet ton, a quarter - on - quarter decrease of 7.1%. The company announced a shipping volume guidance range of 195 - 205 million tons and a C1 cost guidance range of 17.50 - 18.50 US dollars/wet ton for FY2026 [37][38]. - **Operation Details**: The shipping volume of the Iron Bridge project in Q2 was 2.4 million tons, and the full - year volume in FY2025 was 7.1 million tons. The company aims to reach full production of 22 million tons/year in FY2028 [41]. 3. Summary and Future Outlook - In Q2, the four major mines made efforts to increase production. Rio Tinto and Vale contributed over 7 million tons of year - on - year incremental production. - The trend of "increase in mainstream mines and decrease in non - mainstream mines" was further strengthened. From January to June 2025, the global seaborne iron ore shipment volume decreased slightly year - on - year, while the shipments from Australia and Brazil increased, and their share in the global market reached 83.3% [44].

Group 1 - The article emphasizes the importance of in-depth research and insights for informed investment decisions in the Latin American equity market [1] Group 2 - The analyst has over 5 years of experience in equity analysis specifically focused on Latin America [1]