FX.co ★ Iron Ore Rallies on Planned BHP Worker Strike

Iron ore futures climbed above CNY 740 per ton, extending their rebound from near one-year lows following reports that workers at BHP Group’s Port Hedland iron ore terminal in Western Australia will hold an eight-hour strike on July 16, heightening concerns over potential supply disruptions. The industrial action will involve operators and maintenance staff at the world’s largest iron ore export hub, as employees seek an agreement that better recognizes their specialist skills, demanding working conditions, and substantial personal costs. Port Hedland shipped 51 million tons of iron ore in May and a record 575 million tons last year, with China accounting for the majority of exports. At the same time, state-backed China Mineral Resources Group Ltd. has recently expanded restrictions on Australian miner Fortescue Ltd., adding further pressure to global iron ore supply.