NEW YORK, March 29, 2026, 11:10 EDT
BHP Group Ltd’s U.S. shares ended Friday at $69.50, gaining $0.97 and defying Wall Street’s wider downturn. Over in Sydney, the stock edged up 0.28% to close at A$50.37. Despite the S&P 500 shedding 1.67% and the Nasdaq losing 2.15%, BHP managed to hold its ground. 1
BHP’s trading has been running on stale news, right when its yearly iron ore talks with China’s state buyer are still in the air. ASX data points to a quiet week for BHP announcements—nothing new in the latest seven-day window. The company last moved cash with its interim dividend on March 26. 2
Weather turned into a factor this week. On Thursday, Tropical Cyclone Narelle forced the closure of several Pilbara export ports. Port Hedland, which holds the title of the world’s largest iron ore export hub, remained operational. Dampier was back online by Saturday, although some areas continued running at limited capacity pending final damage inspections. 3
There’s been a shift in demand. According to Reuters, India’s iron ore imports are on track for a seven-year peak this fiscal year. A shipment of BHP’s Jimblebar fines—rarely sold to India—has been diverted there following Chinese restrictions. JSW Steel is pushing much of that demand, said Lalit Ladkat, senior analyst at consultancy CRU. 4
China is still the main drag here. Earlier this month, Reuters said China Mineral Resources Group—state-backed—expanded its restrictions on multiple BHP shipments, but then paused its Jimblebar ban for just a week after spot iron ore rallied. Back in January, BHP flagged that it was settling for lower prices on certain deals as 2026 contract negotiations stalled. RBC Capital Markets’ Kaan Peker back then pointed out the curbs were set to squeeze spot supply and lift the benchmark, which would help offset some of BHP’s price hits. 5
This stand-off arrives just as leadership is changing hands. Brandon Craig, the incoming CEO stepping in on July 1, emphasized the importance of forging “strong relationships with both governments and customers.” Argo Investments’ Andy Forster described Craig as “super impressive” following the announcement of his appointment. 6
BHP inched higher but couldn’t match Fortescue’s 1.71% jump on Friday. The bigger worry might not be iron ore, though. Fortescue metals chief Dino Otranto flagged the impact of fuel prices, saying, “a 10-cent change” in diesel hits his company by $70 million—and the four biggest miners together by roughly $500 million. That’s a cautionary note for BHP, should Middle East tensions keep fuel markets tight. 7
BHP has a bit of breathing room. Back in February, the miner posted half-year profits that topped expectations. Copper—along with its byproducts—brought in $7.95 billion in operating earnings, edging out iron ore’s $7.50 billion and, for the first time, taking the lead as BHP’s top earner. The interim dividend landed above what analysts were looking for, too. 8
