Report Investment Rating - No investment rating information is provided in the report. Core View - In Q1 2026, iron ore prices fluctuated at a high level, and the Platts index remained around $100 for the 7th consecutive quarter. The fundamental contradictions were slowly accumulating, but the price failed to show a clear trend due to disturbances such as the Middle East energy conflict and long - term contract negotiations. The supply and demand of iron ore were both facing uncertainties. Supply was affected by energy re - evaluation and potential diesel supply disruptions, while demand was at risk of shrinking due to factors like weak downstream demand and high inventory of finished products [2][5][30]. Summary by Section Q1 Iron Ore Performance Review - **Price and Supply - Demand Situation**: In Q1 2026, iron ore prices fluctuated at a high level. The Platts index remained around $100. The supply increased as expected, with the cumulative shipping volume increasing by about 21 million tons in the first quarter. The demand for steel started sluggishly, and the cumulative year - on - year of 247 - caliber hot metal was flat. The domestic port iron ore inventory increased by 12 million tons since the first quarter. The weak terminal demand for finished products limited the upward space of iron ore prices, with the 3350 - yuan pressure level of hot - rolled coils determining that the iron ore price was difficult to break through the $110 pressure level [2][5]. - **Structural Changes**: Since Q2 last year, mines such as Rio Tinto and Vale reduced product grades, and Iranian pellet supply was suspended due to the Middle East issue. The price differences between varieties gradually recovered. Since the first quarter, the premiums of high - and low - grade ores, pellets, and lump ores have all strengthened. The internal - external price difference fluctuated sharply due to exchange rate factors, expanding from January to February and rapidly converging since March [8]. Supply - **Shipping Volume Changes**: In Q1 2026, the global iron ore shipping volume increased by 21 million tons cumulatively, with significant regional differences. Australia's single - quarter cumulative increase was about 16 million tons, Brazil's cumulative decrease was 4 million tons, and West Africa (including Guinea, Sierra Leone, and Liberia) showed strong performance with a quarterly cumulative increase of 3.7 million tons. Other regions showed little change year - on - year [11][14]. - **Energy Impact**: With the continuous conflict between the US and Iran, the market gradually priced in the increase in freight and mining production disturbances. For example, in the Brazilian production area, every $10 increase in crude oil raises the total landed cost of iron ore by $3 per ton. As of the end of March, the theoretical calculation value of C3 increased by $7 per ton, and the current freight has fully reflected the impact. The mining production disturbances include cost increases and potential diesel supply disruptions. The latter depends on the duration of the blockade of the Strait of Hormuz. For Brazilian iron ore, a $10 increase in crude oil corresponds to a $0.7 increase in mining costs, and the current increase in crude oil to $100 has led to a $2.1 increase in mining costs per ton and a $9 increase in the CFR landed cost per ton. The risk of open - pit mine supply disruption due to long - term diesel shortage may be more prominent in April, but its development is highly uncertain [17][21]. Demand - **Downstream Demand Situation**: Although the supply side has the risk of energy valuation increase and potential diesel supply disruption, the downstream transmission faces many obstacles. Since the first quarter, the direct export of steel has slightly turned negative, the growth rate of the manufacturing industry has slowed down, and the inventory of finished products is seasonally high. After the hot - rolled coil price rebounded to the previous level of 3350 yuan/ton, it became more difficult for downstream customers to place orders. As of the end of March, steel mills generally still had a small profit of 50 - 100 yuan. The seasonal resumption of production in March - April is expected to proceed as scheduled. The overall real - world pressure on the black industry chain remains due to uncertain external demand, high terminal inventory, and the unchanged hot - metal production [25]. Summary and Outlook - **Uncertainty in the Market**: Since March, with the continuous conflict between the US and Iran, both energy supply and long - term demand face high uncertainty. The fundamental factors have further weakened, and the market oscillates between the contraction of mineral resources and the long - term shrinkage of demand. The energy price is likely to remain at a relatively high level in the second quarter. Mineral resources including iron ore may face risks such as increased mining costs and higher freight. At the same time, downstream demand is evolving under short - term high - price substitution and long - term shrinkage. The overall market is in a wait - and - see state due to unclear supply and demand [30].

1. Report Industry Investment Rating - The investment rating of the iron ore industry is ★★★ [5] 2. Core View of the Report - The global iron ore shipping volume has increased month - on - month and is at a high level in the same period of the past three years. The molten iron output continues to rise, and the supply and demand of the iron ore fundamentals are both increasing. The black industry chain is gradually getting rid of the negative feedback logic. Although the short - term market sentiment declined last week, it is expected that the medium - term iron ore trend will be oscillating and bullish, and the price center may have room to rise [5][32] 3. Summary According to the Directory 3.1 Market Review - Last week, the Iron Ore 2605 contract rose 0.06% [4] 3.2 Important Market Information - Chinese Foreign Ministry spokesman Lin Jian stated on March 26 that China and the US are maintaining communication regarding US President Trump's planned visit to China in mid - May. - Australian ore miner Fenix warned that due to the war in Iran, diesel supply is limited, affecting the Australian mining industry and forcing the company to scale back some business activities. Tropical Cyclone Narrel is raging off the coast of Western Australia, causing fuel supply disruptions. - The Pilbara Port Authority announced that several ports have been closed due to Tropical Cyclone Narrel [14] 3.3 Supply - side Situation - As of February 2026, the import volume of iron ore and concentrates was 9,763.79 million tons, a decrease of 2,201.21 million tons from the previous month; the import average price was $101.34 per ton, an increase of $0.18 per ton from the previous month. - As of February 2026, Australia's iron ore shipping volume was 5,231.4 million tons, a decrease of 879.8 million tons from the previous month; Brazil's iron ore shipping volume was 2,293.7 million tons, an increase of 404.6 million tons from the first half of the month [18][21] 3.4 Demand - side Situation - The average daily molten iron output of 247 steel mills, the profitability rate of 247 steel mills, and the Shanghai terminal wire and screw procurement volume are used to measure the demand - side situation, but specific data trends are not elaborated in this part [22][28] 3.5 Fundamental Analysis - Last week, the blast furnace operating rate of 247 steel mills was 81.03%, a month - on - month increase of 1.25% and a year - on - year decrease of 1.08%; the average daily molten iron output was 2.3109 billion tons, a month - on - month increase of 2.94 million tons and a year - on - year decrease of 6.19 million tons. The steel mill profitability rate was 43.29%, a month - on - month increase of 0.87%. - The total inventory of imported iron ore at 45 ports in the country was 17.00031 billion tons, a month - on - month decrease of 98.09 million tons; the average daily port clearance volume was 3.1317 billion tons, a decrease of 7.80 million tons; the number of ships at the port was 111, an increase of 11. The total inventory of imported iron ore at 47 ports in the country was 17.66683 billion tons, a month - on - month decrease of 147.35 million tons [31] 3.6 Market Outlook - The global iron ore shipping volume has increased month - on - month and is at a high level in the same period of the past three years. The molten iron output continues to rise, and the supply and demand of the iron ore fundamentals are both increasing. The black industry chain is gradually getting rid of the negative feedback logic. Although the short - term market sentiment declined last week, it is expected that the medium - term iron ore trend will be oscillating and bullish, and the price center may have room to rise [5][32] 3.7 Operation Strategy - For single - side trading, take a bullish approach on dips in the medium term. - For arbitrage, adopt a wait - and - see attitude. - For options, adopt a wait - and - see attitude [5][33]

Group 1 - The company Xin Mining Resources (01231) reported a revenue of $194 million for the fiscal year ending December 31, 2025, representing a year-on-year decrease of 37.46% [2] - The company recorded a loss attributable to shareholders of $7.015 million, which is an increase of 2344.25% compared to the previous year [2] - The basic loss per share was $0.0018 [2] Group 2 - The decline in revenue was primarily due to a reduction in the quantity and quality of iron ore supplied from Koolan, particularly in the fourth quarter following an incident, leading to decreased sales revenue and gross profit [2] - The overall gross profit for the group decreased to approximately $1.4 million [2] - The company recognized an impairment loss of approximately $4.1 million on other long-term assets due to the incident, compared to no such losses in 2024 [2]

Core Viewpoint - Xin Mining Resources (01231) reported a significant increase in losses for the fiscal year ending December 31, 2025, with a net loss attributable to shareholders of $7.015 million, representing a year-on-year increase of 2344.25% [1] Financial Performance - The company achieved revenue of $194 million, a decrease of 37.46% year-on-year [1] - Gross profit for the group decreased to approximately $1.4 million [1] - Basic loss per share was reported at $0.0018 [1] Factors Contributing to Performance - The decline in revenue and gross profit was primarily due to a reduction in the quantity and quality of iron ore supplied from Koolan, particularly in the fourth quarter following an incident [1] - Weak demand for iron ore throughout the fiscal year led to a significant drop in unit gross profit [1] - The company recognized an impairment loss of approximately $4.1 million on other long-term assets due to the incident, compared to no such losses in 2024 [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - For the steel sector, the market has entered the seasonal destocking phase, but the future market expectations are pessimistic. Although the recent sharp rise in crude oil has pushed up costs and supported futures prices, the futures prices are oscillating between the middle and upper tracks of the Bollinger Bands, indicating significant upward resistance. It is recommended to close long positions and then maintain a wait - and - see attitude [2]. - For the iron ore sector, the market is gradually entering the consumption peak season, and iron ore production costs have increased. Short - term port shipments are affected by Australian weather, but shipments are expected to improve rapidly as the weather in the Southern Hemisphere gets better. The futures price shows significant upward resistance after breaking through the upper track of the Bollinger Bands. It is also recommended to close long positions and then maintain a wait - and - see attitude [4]. 3. Summary by Relevant Catalogs 3.1. Threaded Steel and Hot - Rolled Coil - **Supply and Demand**: The total output of the five major varieties of 247 sample steel mills this week has changed little, inventory has decreased, and apparent demand has continued to rebound. The market has entered the seasonal destocking state [2]. - **Price Data**: The closing price of the threaded steel main contract is 3128 yuan/ton, down 0.13% from the previous day and 0.22% from last week; the closing price of the hot - rolled coil main contract is 3305 yuan/ton, down 0.24% from the previous day and up 0.09% from last week. Other related prices, basis, and spreads also have corresponding changes [2]. - **Production and Inventory**: The national building materials steel mill's threaded steel output is 197.87 tons, a week - on - week decrease of 2.69%; hot - rolled coil output is 305.61 tons, a week - on - week increase of 1.80%. The social inventory and steel mill inventory of the five major varieties, as well as the inventory of threaded steel and hot - rolled coil, have all decreased to varying degrees [2]. - **Market Transaction**: The 7 - day moving average of the national building steel trading volume is 19.39 tons, down 20.29% from the previous day and 18.01% from last week [2]. - **Apparent Demand**: The apparent demand for the five major varieties is 887.97 tons, a week - on - week increase of 2.24%; the apparent demand for threaded steel social inventory is 225.37 tons, a week - on - week increase of 8.30%; the apparent demand for hot - rolled coil social inventory is 313.63 tons, a week - on - week increase of 1.00% [2]. - **Futures Warehouse Receipts**: The number of registered threaded steel warehouse receipts is 98088 tons, and the number of registered hot - rolled coil warehouse receipts is 537279 tons [2]. 3.2. Iron Ore - **Demand and Supply**: The market is gradually entering the consumption peak season. The output of the five major steel products of 247 sample steel mills rebounded last week, and the daily average pig iron output increased by 6.95 tons to 228.2 tons. The short - term port shipments are affected by Australian weather, but shipments are expected to improve rapidly as the weather in the Southern Hemisphere gets better. The recent arrival volume has increased, and the port inventory has decreased month - on - month [4]. - **Price Data**: The settlement price of the DCE iron ore main contract is 817 yuan/dry ton, up 1.30% from the previous day and 1.18% from last week; the settlement price of the SGX iron ore continuous contract is 107.34 US dollars/dry ton, up 2.04% from the previous day and down 1.34% from last week. Other related prices, basis, and spreads also have corresponding changes [4]. - **Shipping and Inventory**: Australian iron ore shipments are 1701.2 tons, a week - on - week increase of 4.44%; Brazilian iron ore shipments are 495.2 tons, a week - on - week decrease of 5.24%. The port inventory is 17098.4 tons, a week - on - week decrease of 0.52% [4]. - **Futures Warehouse Receipts**: The number of iron ore futures warehouse receipts is 3200 lots, a decrease of 200 lots from last week [4]. 3.3. Industry News - In February 2026, China exported 783.8 tons of steel, a month - on - month increase of 1.1%, and the export average price was 729.0 US dollars/ton, a month - on - month increase of 6.7%. From January to February, the cumulative steel export volume was 1559.2 tons, a year - on - year decrease of 8.1%, and the export average price was 706.4 US dollars/ton, a year - on - year slight decrease of 1.0%. In February, China imported 36.9 tons of steel, a month - on - month decrease of 19.6%, and the import average price was 1740.7 US dollars/ton, a month - on - month decrease of 2.9%. From January to February, the cumulative steel import volume was 82.7 tons, a year - on - year decrease of 21.2%, and the import average price was 1769.5 US dollars/ton, a year - on - year increase of 8.0% [6]. - As of the week of March 26, the threaded steel output decreased from an increase, the factory inventory and social inventory decreased for two consecutive weeks, and the apparent demand increased for five consecutive weeks. The threaded steel output was 197.87 tons, a decrease of 5.46 tons from last week, a decrease of 2.69%; the apparent demand was 225.37 tons, an increase of 17.28 tons from last week, an increase of 8.30% [6]. - Australian ore miner Fenix warned that due to limited diesel supply caused by the Iran war, the operations of the Australian mining industry have been affected, forcing the company to scale back some business activities. Tropical Cyclone Narelle is currently raging along the west coast of Australia, causing fuel supply disruptions [6]. - The average profit per ton of coke for 30 independent coking plants across the country is 21 yuan/ton; the average profit of Shanxi quasi - first - grade coke is 47 yuan/ton, Shandong quasi - first - grade coke is 76 yuan/ton, Inner Mongolia second - grade coke is - 28 yuan/ton, and Hebei quasi - first - grade coke is 73 yuan/ton [7]. - Against the background that most orders fall short of expectations, the procurement enthusiasm of the glass mid - downstream has slowed down. The downstream procurement is mostly for rigid demand, and the inventory depletion of glass enterprises has slowed down this week. As of March 26, the total inventory of the national float glass sample enterprises is 7362.2 million heavy boxes, a month - on - month decrease of 81.4 million heavy boxes or 1.09%, and the year - on - year increase has expanded to 9.86%, equivalent to 33.6 days of inventory, a slight decrease of 0.1 days from the previous period. The inventory in the northwest region continues to increase, while the inventory in other regions continues to decrease [7].

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The main contract price of rebar fluctuated, with a daily decline of 0.10%, and both trading volume and open interest decreased. Currently, the strong raw materials drive the rebar price to rise, but the fundamentals have not improved substantially under the situation of both supply and demand increasing. The upside space is limited, and the strong cost continues to compete with the weak reality. It is expected to maintain a fluctuating trend, and attention should be paid to the demand performance [5]. - The main contract price of hot-rolled coil fluctuated, with a daily increase of 0.21%, and both trading volume and open interest decreased. At present, the fundamentals of hot-rolled coil have improved marginally under the situation of both supply and demand increasing. Coupled with the cost support brought by the strong raw materials, the price of hot-rolled coil has risen. However, there are concerns about demand, and the subsequent trend of the high inventory situation should be viewed with caution. Attention should be paid to the demand performance [5]. - The main contract price of iron ore fluctuated at a high level, with a daily increase of 0.55%, trading volume decreased and open interest increased. Currently, the positive factors remain, and the demand for iron ore has improved, supporting the high price of iron ore. However, the fundamentals of iron ore remain weakly stable under the situation of both supply and demand increasing. The upward driving force of the high-valued iron ore price is not strong, and the subsequent trend will maintain a high-level fluctuating operation. Attention should be paid to the performance of steel [5]. Summary by Directory 1. Industry Dynamics - As of March 24, 23 provinces have announced their investment plans for key provincial projects in 2026, with a total of 26,753 projects. Among them, 17 provinces including Guangdong, Fujian, Hubei, and Anhui have announced their annual planned investments, with a total of about 10.36 trillion yuan [7]. - From March 16 to March 22, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.8897 million square meters, a month-on-month increase of 27.9% and a year-on-year decrease of 11.6%. The total transaction (signing) area of second-hand housing in 10 key cities was 2.2767 million square meters, a month-on-month increase of 9% and a year-on-year decrease of 8%. Only Guangzhou saw a month-on-month decrease in the transaction area of newly built housing, with a decrease of 7.8%. The other 9 cities all achieved month-on-month growth in the transaction (signing) area of newly built housing, among which Suzhou had the largest increase, with a month-on-month growth of 112.2% to 94,000 square meters. In terms of the number of transactions (signings), the total number of transactions (signings) of newly built commercial housing in 10 key cities was 17,600 units, a month-on-month increase of 34%. All 10 cities saw a month-on-month increase in the number of transactions (signings) of newly built housing, among which Foshan had the largest increase, with a month-on-month growth of 55.6% to 1,962 units [8]. - In February 2026, the total energy consumption of member enterprises decreased by 2.91% year-on-year; the comprehensive energy consumption per ton of steel increased by 1.66% year-on-year; the comparable energy consumption per ton of steel decreased by 1.43% year-on-year; the power consumption per ton of steel increased by 4.05% year-on-year. The total power consumption of member enterprises increased by 2.56% year-on-year. The total self-generated power increased by 7.86% year-on-year; the self-generated power ratio was 62.57%, an increase of 3.08 percentage points year-on-year. The clean energy power generation increased by 31.25% year-on-year. Among them, the wind power generation increased by 62.07% year-on-year; the photovoltaic power generation increased by 31.50% year-on-year [9]. 2. Spot Market - The spot prices of rebar (HRB400E, 20mm) in Shanghai and Tianjin were 3,210 yuan, and the national average price was 3,345 yuan, with a decrease of 10 yuan in Shanghai, 0 yuan in Tianjin, and 1 yuan in the national average price. The spot prices of hot-rolled coil (Shanghai, 4.75mm) in Shanghai and Tianjin were 3,300 yuan and 3,240 yuan respectively, and the national average price was 3,333 yuan, with an increase of 0 yuan in Shanghai, 10 yuan in Tianjin, and 6 yuan in the national average price. The price of Tangshan billet (Q235) was 2,990 yuan, and the price of Zhangjiagang heavy scrap (≥6mm) was 2,190 yuan, both unchanged. The spread between hot-rolled coil and rebar was 90 yuan, and the spread between rebar and scrap was 1,020 yuan, with a change of 10 yuan and -10 yuan respectively [10]. - The price of PB powder (Shandong port) was 795 yuan, an increase of 2 yuan; the price of Tangshan iron concentrate powder (wet basis) was 772 yuan, unchanged. The ocean freight rates from Australia and Brazil were 11.55 yuan and 30.37 yuan respectively, with a decrease of 0.22 yuan and 0.16 yuan respectively. The SGX swap price (current month) was 106.70 yuan, a decrease of 0.04 yuan. The iron ore price index (61% FE, CFR) was 109.45 yuan, a decrease of 0.10 yuan [10]. 3. Futures Market - The closing price of the active rebar contract was 3,145 yuan, a decrease of 0.10%. The highest price was 3,155 yuan, the lowest price was 3,135 yuan, the trading volume was 618,964 lots, a decrease of 392,391 lots, and the open interest was 1,263,489 lots, a decrease of 87,899 lots [14]. - The closing price of the active hot-rolled coil contract was 3,324 yuan, an increase of 0.21%. The highest price was 3,329 yuan, the lowest price was 3,310 yuan, the trading volume was 253,950 lots, a decrease of 218,444 lots, and the open interest was 1,024,272 lots, a decrease of 31,099 lots [14]. - The closing price of the active iron ore contract was 824.0 yuan, an increase of 0.55%. The highest price was 829.5 yuan, the lowest price was 813.0 yuan, the trading volume was 219,790 lots, a decrease of 43,540 lots, and the open interest was 445,891 lots, an increase of 3,958 lots [14]. 4. Related Charts - The report presents multiple charts showing the inventory changes of rebar, hot-rolled coil, and iron ore, as well as the production situation of steel mills, including inventory levels, inventory changes, and the opening rates and profit situations of steel mills [16][25][33] 5. Future Market Outlook - Rebar: Both supply and demand continue to pick up. Construction steel mills are actively producing, and the weekly output of rebar increased by 80,300 tons month-on-month, rising for three consecutive weeks to a relatively high level. Although the inventory has begun to decline, it is still higher than the same period last year, and there is still supply pressure. At the same time, the demand for rebar continues to improve seasonally, with the weekly apparent demand increasing by 312,800 tons month-on-month, but the high-frequency trading performance is weak, and both are at relatively low levels in the same period. Considering that the policy is not beyond expectations and there is no substantial change in the downstream industries, the subsequent demand growth space is limited. In short, the strong raw materials drive the rebar price to rise, but the fundamentals have not improved substantially under the situation of both supply and demand increasing. The upside space is limited, and the strong cost continues to compete with the weak reality. It is expected to maintain a fluctuating trend, and attention should be paid to the demand performance [42]. - Hot-rolled coil: Both supply and demand have increased. The resumption of production by steel mills has led to an increase in the output of hot-rolled coil, with a week-on-week increase of 49,500 tons, and there is still room for growth. In addition, the inventory level is still relatively high, and the supply pressure has been relieved to a limited extent. Attention should be paid to the subsequent changes. However, the demand for hot-rolled coil has shown good resilience, with the weekly apparent demand increasing by 151,500 tons month-on-month, and the high-frequency daily trading volume also remains at a high level, mainly supported by the high output of downstream industries. It is necessary to guard against the intensification of contradictions, and the export performance is average under the disturbance of the Middle East conflict, and the concerns about demand remain. At present, the fundamentals of hot-rolled coil have improved marginally under the situation of both supply and demand increasing. Coupled with the cost support brought by the strong raw materials, the price of hot-rolled coil has risen. However, there are concerns about demand, and the subsequent trend of the high inventory situation should be viewed with caution. Attention should be paid to the demand performance [42]. - Iron ore: There have been changes in both supply and demand. Steel mills are actively resuming production, and the terminal consumption of iron ore has rebounded from a low level. Last week, the average daily pig iron output and the daily consumption of imported ore of the sample steel mills both increased significantly month-on-month, which is in line with expectations. However, the improvement in the profitability of steel mills is limited, and the contradictions in the steel market have not been alleviated. The improvement space for iron ore demand may be limited. At the same time, the arrival of iron ore at domestic ports has increased slightly, while the shipments of overseas miners have continued to increase. According to the shipping schedule, the subsequent arrivals will be stable, and the domestic iron ore production is recovering, and the supply of iron ore is increasing steadily. In short, the positive factors remain, and the demand for iron ore has improved, supporting the high price of iron ore. However, the fundamentals of iron ore remain weakly stable under the situation of both supply and demand increasing. The upward driving force of the high-valued iron ore price is not strong, and the subsequent trend will maintain a high-level fluctuating operation. Attention should be paid to the performance of steel [43].

Core Viewpoint - The company expects a significant increase in net loss for the fiscal year 2025, projecting a loss of approximately $7.2 million compared to a loss of $300,000 in the previous year [1] Group 1: Financial Performance - The estimated impairment loss for contracts to be recognized in the fiscal year 2025 is approximately $4.1 million [1] - The company anticipates a decline in annual performance for fiscal year 2025 primarily due to the aforementioned impairment loss [1] - The company reported a decrease in iron ore supply and quality from Koolan compared to the previous year, particularly in the fourth quarter following an incident, leading to a decline in sales and gross profit [1] Group 2: Market Conditions - There is a noted weakness in demand for the company's iron ore in fiscal year 2025, resulting in a significant drop in unit gross margin for iron ore [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In Q4 2025, the production and sales of the four major iron ore mines remained at a high level. Vale had a significant year-on-year increase, Rio Tinto's production returned to a high range after recovering from the weather impact in Q1, FMG's shipments increased steadily, and BHP improved quarter-on-quarter. The overall supply rhythm was stronger than that in Q3 [1]. - In terms of production in Q4, Rio Tinto and BHP increased quarter-on-quarter, Vale maintained a high level, and FMG declined slightly. For the whole year of 2025, Vale and FMG contributed the main increments. In terms of sales, Rio Tinto's annual shipments were lower than the mid - point of the guidance target range due to the weather impact in Q1. In 2025, the sales of Vale and FMG increased year-on-year, and BHP maintained a stable release rhythm [2]. - Despite the weather disturbances in Q1, the four major mines achieved overall production and sales growth in 2025 thanks to the strong recovery in the following three quarters. It is expected that the total production of the four major mines will continue to grow in 2026 [2]. Summary by Company Rio Tinto - In Q4 2025, the iron ore production in the Pilbara region reached about 89.67 million tons (100% equity), with a year-on-year increase of about 3.7% and a quarter-on-quarter increase of about 6.7%. The production and shipment gaps caused by the cyclone in Q1 were gradually repaired in Q2 and Q3. The annual Pilbara production was about 327 million tons (100% caliber), basically the same as in 2024; the annual shipment was 326.2 million tons, a year-on-year decrease of 1%, at the lower end of the guidance range [7]. - In terms of product structure, the sales proportion of SP10 decreased significantly year-on-year. In Q4, the sales of SP10 were about 10.5 million tons (100% equity), a year-on-year decrease of about 50%. The average realized price for the whole year was $82.8 per wet ton (FOB), lower than the 2024 level, affected by both the decline of the price index and the product structure change [7][9]. - The Simandou project achieved its first shipment in Q4, marking the official entry of new supply in West Africa into the realization stage. Rio Tinto set its Simandou shipment guidance target for 2026 at 5 - 10 million tons, and the Pilbara shipment guidance target at 323 - 338 million tons. In 2026, the production rhythm is expected to remain stable [9]. BHP - In Q4 2025 (Q2 of BHP's 2026 fiscal year), the iron ore production of BHP WAIO was about 76.33 million tons (100% equity), a quarter-on-quarter increase of 8.7% and a year-on-year increase of about 4.4%. In the first half of the 2026 fiscal year, the cumulative production of WAIO was 147 million tons (100% caliber), a year-on-year increase of 1%. The material extraction at the mine increased by 9% year-on-year, and the supply chain bottlenecks caused by the cyclone and railway maintenance have been basically digested. After the completion of the CD3 reconstruction and the promotion of the railway technology upgrade project, the system operation efficiency continued to improve [12]. - In the first half of the 2026 fiscal year, the production of Samarco was 4 million tons (BHP's equity caliber), a year-on-year increase of 48%. After the restart of the second concentrator, it has been running stably, and the concentration efficiency and recovery rate have improved. The company has approved the third - stage expansion plan, and it is expected to increase the production capacity to about 26 million tons per year (100% equity) in the next few years [12]. - BHP's annual production guidance target for the 2026 fiscal year remains unchanged in the range of 284 - 296 million tons (100% equity). Considering the progress in the first half of the fiscal year and the operation intensity in Q4, it is estimated that it can reach the upper half of the range. BHP is still negotiating the annual contract terms with China National Mineral Resources Group, and the subsequent negotiation progress needs attention [13]. FMG - In the second quarter of the 2025 fiscal year, Fortescue's iron ore shipments were 50.5 million tons, a year-on-year increase of 2.2% and a quarter-on-quarter increase of 1.6%. In the first half of the 2026 fiscal year, the cumulative shipments were 100.2 million tons, a year-on-year increase of 3%, setting a new high for the first half of the fiscal year. In Q4, the ore mining volume was 61.4 million tons and the processing volume was 49.8 million tons, operating at a high load. The shipments of traditional hematite were 48.3 million tons, basically the same year-on-year, indicating that the operation rhythm of the main mining areas was stable without obvious capacity disturbances [16]. - In the Iron Bridge project, the concentrate shipments in Q4 were 2.2 million tons, a year-on-year increase of 44%. In the first half of the 2026 fiscal year, the cumulative shipments were 4.3 million tons, a year-on-year increase of 37%. The project's operation stability has improved significantly, and the concentrate shipment rhythm has become more normalized. As the production line gradually enters a stable stage, the increase in the proportion of concentrate supplements the overall shipment structure [16]. - FMG's annual shipment guidance for the 2026 fiscal year remains unchanged in the range of 195 - 205 million tons (100% equity), including 10 - 12 million tons from the Iron Bridge project. Based on the progress in the first half of the 2026 fiscal year and the current quarterly operation intensity, it is optimistic that it can achieve the guidance target [16]. Vale - In Q4 2025, Vale's iron ore production was 90.4 million tons, a year-on-year increase of 6% and a quarter-on-quarter decrease of 4.2%. Although it slightly declined from the high in Q3, it was still at a relatively high level in recent single - quarters. The annual iron ore production in 2025 reached 336 million tons, a year-on-year increase of 2.6%, the highest level since 2018 [20][23]. - In terms of different systems, the production of the northern system in Q4 was 44.8 million tons, a year-on-year decrease of 6.5 million tons, mainly affected by the recoverable resource structure of the Serra Norte mine and phased maintenance; the annual production of S11D reached 86 million tons, maintaining a high - level operation. The production of the southeast system in Q4 was 23.9 million tons, with a significant year-on-year increase. The stable operation of Brucutu and the continuous ramping up of the Capanema project contributed the main increments, and the single - quarter production of Capanema was about 3 million tons, expected to reach full production in Q2 2026. The production of the southern system in Q4 was 13.5 million tons, a year-on-year increase, and the operation of the Vargem Grande and Paraopeba systems improved significantly [23]. - In terms of sales, the iron ore sales in Q4 were 84.87 million tons, a year-on-year increase of 4.5%, basically matching the production rhythm. The annual sales were 314 million tons, a year-on-year increase of 2.5%. The company adjusted the product portfolio according to the market premium changes, and the proportion of medium - grade ore and blended ore increased, making the shipment structure more balanced [23]. - Vale's annual production guidance target for 2025 was previously 325 - 335 million tons, and the actual production was 336 million tons, at the upper end of the guidance range. The production guidance target for 2026 is further increased to the range of 335 - 345 million tons. The new production mainly comes from the ramping up of existing projects and system recovery, and it is expected that the increment in the second half of 2026 will be higher than that in the first half [24].

Company Initiatives - Vale has launched a large-scale green fleet renewal plan, set to take place from February 9 to 10, 2026, with plans to order up to 30 new bulk carriers, potentially totaling $3.4 billion, aimed at increasing self-owned capacity, optimizing supply chain efficiency, and supporting its 2030 emissions reduction targets [1] Financial Performance - Vale plans to pay a special dividend of 3.58 Brazilian Reais per share, totaling approximately $2.9 billion, to shareholders in March 2026, as a reward for strong operational performance and high iron ore prices in 2025. The dividend payment scheduled for January 2026 has been executed as planned [2]

Group 1 - The core point of the article highlights a significant shift in Australia’s approach to international trade, particularly in the context of using the Chinese yuan for iron ore transactions, marking a move towards de-dollarization [1][6] - BHP Group, one of Australia's largest mining companies, has successfully completed its first iron ore trade settled in yuan with Shandong Port Group, indicating a historic milestone in trade relations between Australia and China [3][5] - The transaction, while small in scale compared to global dollar-denominated iron ore trades, carries substantial symbolic significance for China's progress in establishing the yuan as a currency for commodity pricing [5][6] Group 2 - The use of yuan in iron ore trade represents a breakthrough for China's efforts to internationalize its currency, which has been historically limited by the dominance of the US dollar in global trade [8][10] - The initiation of yuan-denominated iron ore transactions allows China to gain more pricing power in the international market, addressing the long-standing issue of being a price taker in commodity markets [10][14] - This development may enable Australia to adopt a more neutral stance between the US and China, reducing its historical dependence on the US and allowing for greater diplomatic flexibility in the future [14]