So joining me now in an exclusive interview is Mike Henry, BHP's CEO. Mike, it's great to have you back on the show. Welcome.Great to be here. So let's start right there because you did just put out your fiscal 2025 results. Profit came in a little softer than expected by the street.Um but you did pay a bigger than expected dividend and you did say that global demand for commodities remains resilient. Uh why is that the case. Where are you seeing it.Look, so so we're seeing pretty strong growth in China. Th ...

Core Insights - BHP Group Limited reported a 26% year-over-year decrease in underlying attributable profit from continuing operations at $10.2 billion for fiscal 2025, primarily due to declining iron ore and coal prices, although record production volumes in copper and iron ore partially offset this decline [1][10]. Financial Performance - Underlying earnings per share were $2.00, down from $2.70 in fiscal 2024, while earnings per American Depositary Share (ADS) were $4.00, lower than $5.40 in the previous year, but exceeded the Zacks Consensus Estimate of $3.87 [2]. - Revenues for fiscal 2025 totaled $51.3 billion, missing the Zacks Consensus Estimate of $52.1 billion and representing an 8% decrease from the prior fiscal year [3]. - The Iron ore segment's revenues fell 18% year over year to approximately $23 billion, while revenues in the Copper segment increased 21.4% to $22.5 billion, and the Coal segment's revenues plunged 34.2% to $5 billion [3][10]. - Underlying EBITDA decreased 10.6% from the prior year to $26 billion, with an EBITDA margin of 53%, down from 54% [7]. Production Highlights - Total iron ore production for fiscal 2025 reached a record 263 million tons (Mt), up 1% year over year, aligning with the company's guidance [4]. - Copper production rose 8% year over year to a record 2,017 kilotons (kt), while nickel output was 30.2 kt, which was 63% lower year over year [6]. Operational Efficiency - Profit from operations increased 11% year over year to $19.4 billion, and attributable profit for total operations increased 14% year over year to $9 billion [8]. - Net operating cash flow for fiscal 2025 was $18.7 billion, down from $20.7 billion in fiscal 2024, attributed to lower realized prices [9]. Investment and Capital Expenditure - The company invested $2.1 billion to acquire a 50% interest in the Vicuña joint venture, with total capital and exploration expenditure amounting to $9.8 billion, up 6% from the prior fiscal year [11]. Future Guidance - BHP Group's iron ore production guidance for fiscal 2026 is set at 258-269 Mt, with copper production expected to be between 1,800-2,000 kt [12].

Iron ore fell for a sixth day on signs that Chinese efforts to cut production in a major steelmaking hub are having less impact than anticipated https://t.co/WmZqxpgECS ...

Iron ore extends declines as mining giant BHP Group reported falling profits on softer Chinese demand and plentiful global supply https://t.co/ozjcHH2MKC ...

Resilience and growth Full year ended 30 June 2025 For personal use only Copper SA Disclaimer The information in this presentation is current as at 19 August 2025. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the year ended 30 June 2025. Forward-looking statements This presentation contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements of historical or pr ...

Iron ore edges up after a three-day drop on speculation that steel demand in China may rebound seasonally, aiding demand and prices https://t.co/D62Vff78Df ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Mining and Commodities - **Region**: China Core Insights 1. **China's Commodity Demand**: - Commodity demand indicators in China showed broad weakness in July, with industrial production growth missing expectations at +5.7% y/y compared to +6.8% prior, and retail sales significantly weaker at +3.7% y/y versus consensus of +4.6% [1][3] - The overall economic weakness raises the risk of stimulus measures, which could positively impact sentiment and commodity prices if implemented meaningfully [1][6] 2. **Iron Ore Market**: - The property market in China remains weak, with new starts and sales down -19% and -5% y/y respectively. The real estate climate index is deteriorating [2] - A recent policy announcement of Rmb300 billion for inventory purchases is a positive step, but more support is needed to stabilize iron ore prices, which are expected to remain in the US$90-100/t range [2] - Crude steel output decreased by -4% y/y in June, indicating domestic demand weakness, consistent with reduced construction activity [2] 3. **Base Metals**: - Industrial production growth has lost momentum, and retail sales are below expectations, suggesting that stimulus efforts are losing effectiveness [3] - Despite the bearish indicators, there is a constructive outlook if further stimulus is introduced [3] 4. **Coal Sector**: - Coal production in China fell by -4% y/y, while coke production increased by +1% y/y. The introduction of the 276-Working Day Rule may ease oversupply in the coal market [4] - Spot met coal prices have risen by +12% over the past month to approximately US$192/t [4] 5. **Battery Raw Materials and EV Market**: - Electric vehicle (EV) output and sales remain strong, with a +19% y/y increase in output. Exports of EVs have reached new highs [5] - Continued robust domestic EV sales and open trade relationships are expected to support demand for battery raw materials [5] Additional Insights 1. **Investment Outlook**: - UBS remains cautious about large-scale stimulus but acknowledges potential upside risks for commodity prices if meaningful stimulus occurs [6] - Companies most leveraged to potential upside scenarios include MIN and FMG, while RIO and BHP are seen as neutrals that would also benefit [6] 2. **Economic Indicators**: - Key economic indicators from China show a mixed picture, with manufacturing PMI at 49.2, indicating contraction, and retail sales growth slowing significantly [8] - The overall economic environment suggests a need for careful monitoring of trade developments and potential policy responses [6][8] 3. **Risks in the Mining Sector**: - The mining sector faces inherent risks, including volatility in commodity prices and currencies, as well as political, financial, and operational risks that could impact performance [51] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state of the mining industry and its outlook in China.

Iron ore dipped as a slew of negative data from China showed a slowdown across the country’s economy last month https://t.co/4gtbuaIQSu ...

Market Trends - Iron ore prices experienced a second day of decline [1] - The market awaits key Chinese data to assess steel production curtailments [1] Industry Outlook - China's steel production adjustments significantly impact the iron ore market [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Materials, specifically focusing on **Steel and Iron Ore** sectors [1][4] Key Metrics and Trends - **Weekly Output**: Increased by **3.7%** week-over-week (WoW) for long products [1] - **Inventory Levels**: - Inventory at mills rose by **0.8%** WoW [1] - Iron ore inventory at ports decreased by **1.1%** [3] - **Utilization Rates**: - Blast furnace utilization dipped by **0.6 percentage points (ppts)** [1] - Electric arc furnace utilization increased by **1.6 ppts** [1] - **Crude Steel Production**: Average daily output of crude steel by key enterprises was **1.982 million tons (mnt)**, a decline of **7.4%** compared to early July [1] Iron Ore Shipments - **Total Shipments**: Combined shipments from Australia and Brazil decreased by **1.00 million tons (Mt)** WoW for the period from July 28 to August 3 [2] - Shipments from Australia increased by **0.71 Mt** [2] - Shipments from Brazil decreased by **1.71 Mt** [2] Consumption and Demand - **Apparent Consumption**: - Long products consumption increased by **3.4%** WoW [4] - Flat products consumption decreased by **2.9%** WoW [4] - **Rebar Output**: Increased by **4.8%** WoW and **31.2%** year-over-year (YoY) [7] Weekly Data Summary - **Steel Inventory**: - Traders' inventory at **9,625 kt**, up **2.1%** [3] - Mills' inventory at **4,129 kt**, up **0.8%** [3] - **Operating Rates**: - Steel operating rate at **62.4%**, down **2.1 ppts** [3] - Average daily output of iron ore at **393.8 kt**, down **3.2%** [3] Analyst Insights - **Industry View**: Rated as **Attractive** by Morgan Stanley [5] - **Analyst Contacts**: Multiple analysts involved, including Rachel Zhang and Hannah Yang [4] Additional Notes - **Potential Conflicts of Interest**: Morgan Stanley may have business relationships with companies covered in the research, which could affect objectivity [5] - **Investment Recommendations**: Ratings include Overweight, Equal-weight, Not-Rated, and Underweight, with no direct Buy, Hold, or Sell ratings [22][25] This summary encapsulates the essential insights and data points from the conference call, providing a comprehensive overview of the current state of the steel and iron ore industries in Greater China.