Sydney, Feb 7, 2026, 17:03 AEDT — The session wrapped up with the market now closed.
- Fortescue slipped 1.2% Friday, dragged lower alongside a wider slump in Australian shares.
- Singapore iron ore futures slid below $100 a ton, holding miners under pressure
- Pilbara Ports closed Port Hedland and other export terminals on cyclone concerns, introducing another risk for Monday.
Fortescue Ltd dropped another 1.16% to finish at A$21.23 on Friday, marking a second consecutive session in the red. Materials names slipped alongside the broader market. Shares will start trading again on Monday. 1
The iron ore price is calling the shots again after the latest pullback. Futures for 61%-content ore—the benchmark tracking the iron grade in shipments—slipped as much as 1.3% to $99.35 a ton in Singapore on Friday, according to Bloomberg News. Sluggish demand out of China ahead of the Lunar New Year, plus swollen inventories, are weighing. “Iron ore’s own supply-demand fundamentals remain weak,” said Steven Yu, researcher at Mysteel consultancy. 2
Weekend brought its own complication: Pilbara Ports closed Port Hedland and a handful of other sites as tropical cyclone Mitchell moved in, Reuters said. Forecasters expect the system to intensify, whipping up winds as high as 170 kph (105 mph). Port Hedland is a key iron ore hub globally, critical for exporters like Fortescue and BHP Group. 3
Nerves were frayed across the board. The ASX 200 dropped roughly 2% on Friday, and a MooMoo Australia analyst told ABC News, “Panic is spreading” as several markets tumbled together. 4
Fortescue investors face a tricky start: softer ore prices on one hand, possible short-term shipping snags on the other. If the ports stay closed into the work week and ships start stacking up, things could get complicated fast—though a change in the storm track and a quick reopening would make the risk disappear just as quickly.
Eyes are on the ore market heading toward mid-February. That recent dip? It’s mainly linked to weaker steel demand, rising inventories, and forecasts for solid supply — a combination that usually ripples through Australia’s mining stocks, even with little news from the companies themselves.
Even so, cyclone danger doesn’t guarantee a slump in exports. The system might lose steam, shift away, or just cause a brief stop, keeping the impact on shipments and cash limited. Iron ore prices, too, are volatile—policy news from China or hints that mills are replenishing inventories can spark sharp gains.
Fortescue’s FY26 half-year numbers land Feb. 25. Costs, shipments, and the payout outlook will be under the microscope, especially with iron ore now below $100 and Pilbara weather worries resurfacing. Any fresh guidance here could move the needle. 5
