BHP Stock Price Drops as China Widens Iron Ore Ban in Fresh Contract Blow
BHP shares listed in New York slid roughly 3.5% to $70.77 on Thursday, following reports that China expanded its ban to include Newman fines, a heavily traded iron ore product from BHP. In Sydney, the miner’s stock ended the session off 1.9% at A$50.98. Singapore iron ore futures surged over 4%, reaching $108.95—the highest mark since January. Timing is critical here: the supply agreement on the table accounts for most of BHP’s northwest Australian production and represents about 20% of what China buys. RBC’s Kaan Peker put it plainly back in December—the impasse might shape how talks go with Rio Tinto, Fortescue, and Vale too, giving these negotiations weight far past just BHP.