Sydney, Jan 26, 2026, 16:48 AEDT — Markets have closed for the day.
- ASX cash market remains closed today for Australia Day, reopening Tuesday.
- BHP is under renewed scrutiny following reports that it rerouted Jimblebar iron ore shipments away from China.
- Access to Chile’s Escondida copper mine is blocked once more by a contractor strike.
BHP Group Ltd shares enter Tuesday’s session facing a fresh twist in a familiar battle: offloading iron ore while its biggest customer resists.
Australia’s cash market will be shut on Monday for the Australia Day public holiday, so miners will have to digest offshore news until local trading kicks back in on Jan. 27. (Australian Securities Exchange)
The reason this matters now is straightforward. Iron ore remains the backbone of BHP’s profits, and the dispute over China contracts is starting to affect daily logistics, discounts, and inventory levels — key indicators traders monitor when a pricing conflict begins to impact volumes.
BHP’s copper operations in Chile are also under pressure, with strike action once again cutting access to the world’s largest copper mine.
Reuters reported that BHP rerouted Jimblebar Blend Fines (JMBF) shipments, which were blocked from sale in China, to ports in Malaysia and Vietnam. This move came as stockpiles accumulated at Chinese terminals amid talks with state-owned China Mineral Resources Group. (Reuters)
One ship delivered around 95,000 metric tons of JMBF in Malaysia on Jan. 14—the first shipment there since data tracker Kpler started keeping records in 2019, the report noted. Another cargo, about 75,000 tons, arrived in Vietnam last December, marking another uncommon occurrence, it added.
Port inventories are on the rise. At major Chinese ports, stocks of BHP’s Jimblebar fines jumped 360% from late September, reaching 8.1 million tons by Jan. 13, two traders told Reuters. Meanwhile, Chinese steelmakers have been barred from taking delivery of JMBF already sitting at the ports.
BHP reportedly deepened price cuts to move material, according to trade sources speaking to Reuters. Discounts on Newman fines for February shipments jumped to $4.73 a ton versus the benchmark 61% indices — tracking ore with 61% iron content — up from $2.48 for January shipments, two traders said.
Contract workers striking for better terms at machinery contractor Finning have restarted their blockade of the main access road to BHP’s Escondida mine and Antofagasta’s Zaldivar operation, Reuters reported. This comes after police cleared the protest late Friday. (Reuters)
BHP told Reuters the protest was holding up shift changes and disrupting vehicle traffic. The company didn’t immediately reply to a request for comment on Saturday.
BHP closed at A$48.43, marking a 0.73% gain, per the company’s exchange display. Investors are now turning their attention to the half-year results set for Feb. 17. (BHP)
The near-term outlook remains uncertain. China might lift restrictions and close discounts fast if negotiations move ahead, while Chile’s road blockades could either clear up without hurting output or persist, dealing a heavier blow to shipments and realized prices.
Tuesday’s ASX session will deliver the first local response to the China-shipment report, along with any new details on the Escondida access road. BHP’s February 17 results remain the next key date on the calendar.
