On market conditions, Cataford described the quarter as “pretty flat” for key benchmarks and logistics. The P65 index averaged about $118 per tonne , a slight increase of roughly 1%, while the premium for P65 over P62 decreased slightly and C3 freight rose about 2%.During the Q&A, management also addressed a ship loader issue at the Port of Sept-Îles that lasted about four to five days . Cataford said it was “annoying” and likely prevented an additional vessel sale during the quarter, but indicated operatio ...

20 January 2026 | 5:50PM GMT Commodities Research FERROUS ANALYST Iron Ore: Multi-Year Surplus Ahead, But a Road to Rebalancing the Market Iron Ore: Multi-Year Surplus Ahead, But a Road to Rebalancing the Market Aurelia Waltham +44(20)7051-2547 | aurelia.waltham@gs.com Goldman Sachs International Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Gol ...

Group 1: Energy and Mining Developments - Algeria's energy and mining sectors are making significant progress under the new Oil and Gas Law (Law 19-13) and the new Mining Law, with international bidding "Algeria Bid Round 2024" leading to the awarding of five oil and gas exploration and production licenses to companies like TotalEnergies, Eni, and Sinopec, indicating a resurgence in foreign investment participation [1] - The Gara Djebilet iron ore project in Tindouf province has entered the industrialization phase, with an estimated reserve of approximately 3.5 billion tons, and a primary processing production line with an annual capacity of 4 million tons is expected to commence operations in April 2026, supported by the Béchar-Tindouf railway set to be operational in January 2026 [1] - The Bled El Hedba integrated phosphate project in Tebessa province is progressing, with a planned annual production capacity of around 6 million tons of fertilizer products, and the associated railway infrastructure is expected to facilitate the transport of over 10 million tons of phosphate rock annually, generating an estimated annual revenue of $2 billion [1] Group 2: Non-Ferrous Metals and Renewable Energy - The Oued Amizour lead-zinc project in Bejaia province has an estimated recoverable reserve of about 34 million tons, with a planned annual production of 170,000 tons of zinc concentrate, projected to generate annual revenue of approximately $215 million [2] - Algeria is advancing a renewable energy plan to add 15,000 megawatts by 2035, with the first phase of 3,200 megawatts of solar projects progressing well, alongside the implementation of the SoutH2 hydrogen corridor and the Medlink Algeria-Italy electricity interconnection project, aimed at expanding green energy export capacity to Europe [2]

A US company backed by billionaire Robert Friedland took a key step toward building an iron ore mine in Guinea after lawmakers in neighboring Liberia greenlit an agreement allowing the firm to access an export railway https://t.co/fIe1NQscrc ...

Summary of Conference Call on Iron Ore & Coal Industry Industry Overview - The conference call focused on the iron ore and coal industry, particularly the dynamics of steel production in China for the year 2025 [2][5]. Key Points and Arguments Steel Production Data Discrepancies - There is a notable divergence in steel production data from different sources: NBS reports a year-to-date decline of -4% in crude steel production, while CISA and MySteel data show flat or increasing trends [5][8]. - The NBS data has been weaker since April 2025, aligning with government directives for capacity rationalization, while CISA and MySteel data suggest stronger demand [5][8]. - Concerns about potential underreporting by NBS, similar to adjustments made in 2023, raise questions about the accuracy of the data [5][8]. Iron Ore Market Dynamics - Iron ore prices softened to $105 per ton, down from $108, attributed to weakening demand and rising inventories [6]. - Despite the price drop, iron ore prices have remained surprisingly resilient in 2025, consistently above $100 per ton [6]. - The strength in the iron ore market is partially attributed to resilient demand from China, despite weak performance in the property and infrastructure sectors [5][6]. Production and Utilization Rates - NBS reported a crude steel production decline of -3.9% year-to-date, while CISA reported a smaller decline of -0.3% [8]. - MySteel indicated a +3.3% increase in pig iron production, with blast furnace utilization rates rising by 340 basis points to 89.1% [8]. - Steel exports from China in November increased by +2% month-over-month, remaining elevated at 115 million tons per annum despite trade restrictions [9]. Inventory and Shipment Trends - Iron ore port inventories in China are healthy at approximately 140 million tons, with a slight week-over-week increase of 3 million tons [9]. - Shipments from traditional markets, including Brazil and Australia, have shown recovery, with Brazil up +4% and Australia up +2% year-to-date [9]. - The first shipment from the Simandou project departed on December 2, 2025, marking a significant development in supply [9]. Company Ratings and Financial Projections - UBS maintains Neutral ratings on major companies such as Vale, RIO, BHP, and FMG, with a Sell rating on KIO [9]. - Estimated free cash flow yields for 2026 are projected at 5% for BHP and 9% for both RIO and Vale [9]. Additional Important Insights - The NBS has deployed inspection teams to investigate potential statistical falsification issues, indicating a focus on data integrity [5]. - The overall health of iron ore inventories and the recovery of shipments from traditional markets suggest a complex interplay of supply and demand dynamics in the iron ore market [9]. This summary encapsulates the critical insights from the conference call, highlighting the complexities and current trends within the iron ore and coal industry, particularly in relation to China's steel production landscape.

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoint - No information provided in the given content. 3. Summary According to Relevant Catalogs Iron Ore Spot Market - The latest prices, daily changes, weekly changes, and import profits of various iron ore varieties are presented, including Newman powder, PB powder, Mac powder, etc. For example, Newman powder is priced at 778, with a daily change of -7 and a weekly change of -12 [1]. - Different regions' iron ore varieties have different price trends, such as Australian mainstream, Brazilian mainstream, and non - mainstream varieties [1]. Iron Ore Futures Market - The latest prices, daily changes, weekly changes, and monthly spreads of iron ore futures contracts (i2601, i2605, i2609, FE01, FE05, FE09) are provided. For instance, i2601 is priced at 780.0, with a daily change of -7.5 and a weekly change of -14.5 [1].

For decades it looked as though Simandou’s riches might never be dug up. Now, as the vast mine’s output ramps up, the prize for holding power in Guinea has never been bigger https://t.co/Ts0EU2JwUsPhoto: Reuters https://t.co/ZcwWzTjcoa ...

Market Performance - The ASX200 is the worst performing stock market this year compared to its peers, although it is still outperforming Algeria and Malaysia [1] - Australian unemployment remains at 4.3%, which is considered tight, but similar rates in the US indicate economic weakness [2] Sector Performance - Materials and real estate sectors are leading with a 0.7% increase, while healthcare and IT sectors are lagging, both down over 1% [3] Company Highlights - FENIX Resources announced a 3-year production plan forecasting up to 6 million tonnes of annual production by FY28, resulting in a significant intraday gain [3] - Myer experienced a positive response following a well-received AGM, despite year-to-date returns being down 65% [4] - Andean Silver's prices are hovering just below US$62/ounce, although momentum appears to have stalled [4] Company Declines - Predictive Discovery fell over 12% as Perseus Mining's proposed takeover is no longer superior due to a revised offer from Robex [4] - PMET Resources (formerly Patriot Battery Metals) declined over 5% despite three brokers rating the stock as a buy [5] - Silver Mines Limited dropped nearly 5% as market preference shifted towards Andean Silver [5]

Transaction Overview - BHP 将出售其为澳大利亚铁矿石业务提供动力的电网 85% 股权中的一部分 [1] - BlackRock's GIP 将以 20 亿美元收购 BHP 电网的部分股权 [1] Stake and Ownership - 出售的股权比例未明确说明，但涉及 BHP 持有的 85% 股权的一部分 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian mainstream ores**: Newman powder is priced at 790 with a daily change of -6 and weekly change of 3; PB powder at 793 with -6 daily and 3 weekly; Mac powder at 781 with -3 daily and -2 weekly; Jimbara at 746 with -6 daily and 3 weekly [1] - **Brazilian mainstream ores**: Brazilian blend is at 828 with -10 daily and -3 weekly; Brazilian coarse IOC6 at 770 with -6 daily and 3 weekly; Brazilian coarse SSFG at 775 with -6 daily and 3 weekly [1] - **Other ores**: Ukrainian concentrate is at 880 with 0 daily and 5 weekly; 61% Indian powder at 735 with -6 daily and 3 weekly; Karara concentrate at 880 with -2 daily and 3 weekly; Roy Hill powder at 780 with -6 daily and 3 weekly [1] - **Domestic ore**: Tangshan iron concentrate is at 1014 with 0 daily and 0 weekly [1] 3.2 Futures Market - **DCE contracts**: i2601 is at 794.0 with -5.5 daily and 8.5 weekly; i2605 at 768.0 with -5.0 daily and 12.0 weekly; i2609 at 743.5 with -4.5 daily and 13.0 weekly [1] - **SGX contracts**: FE01 is at 103.39 with 0.13 daily and 2.69 weekly; FE05 at 100.63 with 0.02 daily and 2.42 weekly; FE09 at 98.39 with 0.01 daily and 2.23 weekly [1]