Melbourne, March 20, 2026, 08:59 AEDT
- BHP shares sank 3.47% to A$48.35 on March 19, ASX data shows. Rio Tinto dropped 3.22%, Fortescue down 3.35%. 1
- Shares slipped after climbing 0.9% on Wednesday, a move that came as BHP tapped Brandon Craig to become chief executive starting July 1. 2
- China’s demand picture looked muddled—iron ore shipments coming in climbed, yet steel production dropped, and inventories at ports touched an all-time high. 3
BHP Group Ltd slipped 3.47% to A$48.35 on March 19, wiping out gains from the previous day after the miner announced its new CEO. Rio Tinto dropped 3.22%, while Fortescue shed 3.35% during the session. 1
BHP isn’t just any miner—it’s the biggest listed one out there, and iron ore still pulls in hefty profits, despite copper edging ahead in first-half numbers. Right now, investors are sizing up the leadership shift. They’re also watching China, where more of that imported ore is stacking up at ports instead of flowing to steel mills. 4
BHP shares saw A$586.6 million in trades on Thursday, making it one of the busiest stocks on the ASX. Oil-linked stocks jumped: Woodside climbed 7.19%, Santos added 3.22%. Big materials names, though, slipped. 1
One day after BHP named Brandon Craig—currently leading its Americas unit and previously the Western Australia iron ore division—as its incoming CEO, the stock tumbled. Craig steps in for Mike Henry on July 1. Shares had briefly gained 0.9% in afternoon trading Wednesday following the announcement. Argo Investments’ Andy Forster described Craig as “super impressive.” 2
Craig said BHP plans to build out assets already on its books, stressing that any acquisition would have to be “incredibly compelling” to get the green light. He also highlighted the need for deeper customer relationships, calling out the importance of “particularly in China,” where the group’s annual iron ore negotiations with China Mineral Resources Group remain underway. 2
Iron ore imports into China hit 210.02 million metric tons in January and February 2026, customs figures showed this month. That’s a 10% jump from a year earlier. But steel production slipped 3.6%. Port inventories have now swelled to a record 166.91 million tons—evidence that incoming ore is piling up faster than it’s being used. 3
That doesn’t take iron ore out of the picture. Back in February, the miner reported copper making up 51% of its first-half operating earnings—a first—but iron ore still pulled in $7.50 billion. Barrenjoey’s Glyn Lawcock pointed out that Henry hands Craig a hefty copper pipeline scattered across South Australia, Vicuña, and Escondida. 5
BHP Chair Ross McEwan pointed to an “unrivalled pipeline of growth options” awaiting Craig, signaling copper and potash projects, not another mega-deal. Craig himself has noted BHP’s next chapter leans heavily on the United States, Chile, and Argentina. 6
The immediate threat is coming from beyond the boardroom. Brent crude surged past $119 a barrel on Thursday as Iran’s conflict escalated, pushing shipping costs higher and starting to bite into iron ore margins. Australian miners are watching a tightening diesel market that could add another layer of trouble. China, for now, has only partially lifted curbs on Jimblebar fines—BHP’s iron ore grade—while supply negotiations are still underway. 7
The market appears to be viewing the leadership change as smooth, but not its main focus. For BHP shares, iron ore prices, energy costs, and overall risk sentiment are likely to matter more than the new CEO—at least until the China issue is sorted out or demand shows clear signs of improvement. 1
