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].

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].