Dry Bulk - Iron Ore Equities

Market Research Report

Ahead of the top three iron ore miners' operational updates in the fourth quarter, we highlight the data available from the Kpler Terminal for the third quarter. While Vale may miss expectations as some operations have been suspended, Rio Tinto’s agreement to develop blending operations within the Port of Dalian in China most likely supported its Q3 20 which should help it to reach its full year guidance. With BHP starting its new fiscal year in the third quarter, we recorded that BHP exported 73.2 Mt to all countries, more than a quarter of the upper range of its guidance even after an average variance of 2% to Kpler's data.