Guo Tai Jun An Qi Huo·2025-08-04 11:55Group 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].