Sydney, Feb 7, 2026, 16:48 AEDT — Market shut its doors for the day.
- Pilbara Ports closed Port Hedland along with other Pilbara terminals with cyclone Mitchell moving in.
- BHP dropped 3.1% Friday, closing out at A$48.79.
- Investors eye port reopenings, shifts in iron ore prices, and BHP’s results set for Feb. 17.
Pilbara Ports closed Port Hedland along with four other Pilbara terminals on Saturday, as tropical cyclone Mitchell spun up offshore, threatening iron ore shipments for miners such as BHP Group. The storm, classified as category 2, was expected to intensify to category 3 during the night, bringing wind gusts that could reach 170 kph, according to Australia’s weather bureau.
BHP Group BHP.AX slipped 3.12% to close at A$48.79 on Friday, moving in a range from A$48.50 up to A$49.83, LSEG figures show on the Reuters market page.
This weekend’s shutdown comes just as investors brace for BHP’s half-year numbers on Feb. 17—a critical moment for anyone watching guidance and dividends from the major miner.
The mood across the market soured fast. The S&P/ASX 200 slipped 2% Friday, erasing close to A$70 billion from the Australian bourse—marking its steepest single-day slump since April 2025, according to ABC. “Panic is spreading,” MooMoo Australia analyst Michael McCarthy told ABC. ABC News
Iron ore drifted lower just before the weekend. On Friday, Singapore futures slipped under $100 a tonne. Over in China, the Dalian exchange’s May 2026 contract settled at 760.5 yuan per tonne.
Negative headlines around miners aren’t lifting spirits. This week, Rio Tinto and Glencore scrapped merger talks over a valuation gap, according to Reuters, leaving the sector’s heavyweights firmly in the spotlight as investors continue searching for what might spark the next move.
BHP’s near-term outlook hinges on the cyclone—that’s what traders are eyeing as the ASX opens Monday. Pilbara Ports updates will be key, as the market looks for any clues on the pace of restoring vessel traffic and loading operations.
Still, the storm might swing off course, causing just a brief pause. That would likely shift attention right back to demand and pricing—miners, after all, have been wrestling with iron ore holding near $100 and plenty of volatility.
After weather, attention shifts to BHP’s Feb. 17 report. Investors want clarity on cost pressures, production guidance, and any hints on payouts—especially following the recent volatility in metals and mining stocks.
