Core Viewpoint - The article discusses China's significant progress in gaining pricing power over iron ore, transitioning from a passive role to one where it can influence negotiations and pricing, a change that has taken 30 years to achieve [1]. Group 1: Historical Context - From 1980 to 2009, international iron ore pricing was dominated by a few mining companies and steel mills, leaving Chinese steel mills with no bargaining power [3]. - After the collapse of the long-term contract system in 2009, financial capital entered the market, leading to a new pricing mechanism based on the Platts index, which shifted the focus from supply-demand to financial speculation [3][10]. Group 2: Strategic Developments - China has established its own iron ore price index, incorporating domestic supply and demand, which has helped break the monopoly of the Platts index [3]. - The Chinese government has promoted resource integration by forming large state-owned enterprises to consolidate purchasing power, enhancing negotiation strength [5]. Group 3: Changes in Transaction Methods - A significant shift has occurred in settlement methods, moving from dollar-denominated transactions to negotiations in RMB, which represents a strategic move away from the dollar system [6][8]. - The development of the Simandou mine in Guinea, where Chinese companies have become key stakeholders, provides a strategic supply advantage [6][8]. Group 4: Infrastructure and Supply Chain Control - China's investment in infrastructure, including railways and ports, has enabled efficient transportation of iron ore, demonstrating control over the entire supply chain [8]. - With established pricing indices, centralized purchasing, and reliable supply sources, China can now negotiate from a position of strength, impacting the profitability of mining companies [8][10]. Group 5: International Reactions and Future Outlook - International reactions have been marked by surprise, acknowledging a potential shift in the global iron ore pricing landscape due to China's long-term strategic investments [10]. - The current situation reflects a significant change from being excluded from pricing discussions to being able to set conditions, indicating a gradual but impactful transformation in the industry [12].

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]

Core Viewpoint - The eighth China International Import Expo (CIIE) is currently being held in Shanghai, showcasing the importance of Vale S.A. as a key player in the Brazil-China strategic partnership and its role in supporting China's infrastructure development through high-quality iron ore supply [1] Group 1: Company Participation - Vale S.A., headquartered in Rio de Janeiro, Brazil, is a "full attendance" participant at the CIIE, presenting multiple mineral products and an interactive installation titled "Dynamic Amazon" [1] - The unveiling ceremony at Vale's exhibition booth highlighted its commitment to the Chinese market and the significance of the expo for brand image and corporate culture [1] Group 2: Strategic Importance - The Brazilian Ambassador to China emphasized that Vale is not just an exhibitor but a pillar of the comprehensive strategic partnership between Brazil and China, reflecting decades of collaboration [1] - Vale's Executive Vice President of Business and Development expressed appreciation for China's commitment to high-level opening-up, which allows companies to explore new development opportunities in the vast Chinese market [1] Group 3: Opportunities and Collaboration - Vale views the CIIE as a valuable opportunity to understand the needs of upstream and downstream partners regarding its products and services, reinforcing its strategy for market engagement [1]

Group 1 - The China International Import Expo (CIIE) serves as a significant platform for global trade, focusing on connecting industries and the Chinese market [1][2] - Vale, a global mining company, showcased its low-carbon mining products and technological solutions at the expo, emphasizing its commitment to sustainability [1][2] - The event highlighted the strong bilateral cooperation between Brazil and China, with Vale being a key supplier of high-quality iron ore essential for China's infrastructure development [2][3] Group 2 - Vale has participated in the CIIE for eight consecutive years, viewing it as an opportunity to showcase its brand, corporate culture, and innovative solutions [3] - The company aims to strengthen its long-term partnership with China, focusing on mutual benefits and sustainable development [3]

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].

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].

Core Viewpoint - The China International Import Expo (CIIE) serves as a platform for high-level openness and global sharing, with Vale, a multinational mining giant from Brazil, reaffirming its commitment by participating for the eighth consecutive year [2][3]. Group 1: Company Overview - Vale, established in 1942 and headquartered in Brazil, is a leading global producer of iron ore, copper, and nickel, and also produces iron ore pellets, platinum group metals, gold, silver, and cobalt [2]. - Since delivering its first shipment of iron ore to China in 1973, Vale has supplied over 3 billion tons of high-quality iron ore to China, along with copper and nickel [2]. Group 2: Product Offerings - At this year's CIIE, Vale will showcase a special area for energy transition metals, featuring five high-quality products, including carbonyl nickel beads [2][3]. - Carbonyl nickel beads, produced using carbonyl refining technology, are among the highest purity nickel products, widely used in aerospace, electronics, and nuclear energy sectors [3]. - Other products to be displayed include nickel rounds, nickel powder, NPI (Nickel Pig Iron), and copper concentrate, alongside various high-quality iron ore products [3]. Group 3: Environmental Commitment - Vale's carbonyl nickel beads have a carbon emission intensity of only 8.1 tons of CO2 equivalent per ton of nickel, making it one of the lowest carbon intensity nickel products globally [3]. - The company aims to support China's steel industry in achieving green transformation and sustainable development through the supply of quality mineral products and innovative low-carbon solutions [5]. Group 4: Interactive Exhibit - To celebrate its 40th anniversary of operations in the Amazon region, Vale has presented an interactive installation called "Dynamic Amazon," featuring a large LED transparent screen and interactive touch screens to engage visitors [5]. - The installation aims to raise awareness about forest protection and showcase the creativity of emerging artists from Pará, Brazil, in anticipation of the upcoming 30th UN Climate Change Conference [5].

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]

Core Insights - The China International Import Expo (CIIE) serves as a platform for high-level openness and global sharing, with Vale, a multinational mining giant from Brazil, participating for the eighth consecutive year [1][2] - Vale aims to enhance its brand image and promote sustainable mining practices through its participation in the CIIE, showcasing its commitment to carbon reduction [1][3] Company Overview - Vale, established in 1942 and headquartered in Brazil, is a leading global producer of iron ore, copper, and nickel, with a comprehensive logistics system for mining operations [1][2] - Since delivering its first shipment of iron ore to China in 1973, Vale has supplied over 3 billion tons of high-quality iron ore, along with copper and nickel [1] Product Highlights - At this year's CIIE, Vale is featuring a special area for energy transition metals, showcasing five high-quality products, including carbonyl nickel beads [1][2] - Carbonyl nickel beads, produced using carbonyl refining technology, are among the highest purity nickel products, widely used in aerospace, electronics, and nuclear energy sectors [2] - Other products displayed include nickel rounds, nickel powder, nickel-iron alloy, and copper concentrate, alongside various high-quality iron ore products [2] Interactive Exhibit - To celebrate its 40th anniversary of operations in the Amazon region, Vale presents an interactive installation called "Dynamic Amazon," featuring a large LED screen and touch screens to engage visitors [3] - The installation aims to raise awareness about forest protection and showcase the creativity of contemporary artists from Pará, Brazil, in anticipation of the upcoming UN Climate Change Conference [3] Future Commitment - Vale is committed to continuously supplying high-quality mineral products and innovative low-carbon solutions to support the development of China's steel industry and its green transition [3]