[BHP Approves $900 Million Ministers North Iron Ore Project Amid Record FY 2025-26 Output]

Published: Jul 17, 2026 08:49

Save

Australia's BHP has approved a $900 million investment to develop the Ministers North high-grade iron ore deposit in Western Australia, which is scheduled to begin construction in July 2026 and expects its first ore by the 2028-29 financial year. Once fully ramped up, the satellite project is designed to deliver an annual production capacity of approximately 20 million metric tons (mt), directly supporting BHP's medium-term Western Australia Iron Ore (WAIO) target of exceeding 305 million mt per year. This development follows a record-breaking financial year ending June 30, 2026, where BHP's attributable iron ore output rose by 1% year-on-year to 264.7 million mt, while WAIO output remained strong at 256.9 million mt. For the 2026-27 financial year, the company forecasts total production between 260 million and 272 million mt. From a market perspective, the continuous expansion of designed capacity and the steady injection of new output from projects like Ministers North will significantly reinforce global iron ore supply volumes, potentially easing long-term structural supply constraints and heavily influencing international benchmark pricing trends.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

[Indian billet cargo vessel partially sinks in Strait of Hormuz, UAE supply faces disruption]

A Turkish-owned vessel carrying steel billets from India to the United Arab Emirates partially sank near Bandar Abbas in the Strait of Hormuz following a reported structural failure. The ship was transporting a total cargo of around 43,000 tonnes, including billets, copper and industrial components, with market estimates suggesting that a significant portion of the billet cargo may be lost or unrecoverable. The vessel reportedly settled in shallow water, but salvage operations are expected to be extremely difficult due to the regional security situation. Insurance claims may also face delays because damage assessments in the conflict-affected area could be challenging. Market participants said the UAE may need to seek alternative short-lead-time billet supplies to cover the disrupted cargo.

Common.Time.minsAgo

[SMM Steel] Indonesia Wire Rod Offers Stay Competitive

[Indonesia] Indonesian SAE1008 wire rod offers held at USD 485/tonne FOB, below comparable Chinese offers of around USD 509/tonne FOB. Seasonal weakness across Southeast Asia continued to curb restocking, leaving transactions subdued despite Indonesia’s price advantage.

Common.Time.minsAgo

[SMM Steel] Black Sea Billet Prices Bottom Out; Mills Ramp Up Early Production to Seize Q4 EU Quotas

[Black Sea] The Black Sea steel billet market saw muted trading activity overall, with offers stabilizing at 480 USD/tonne FOB. Weighed down by holiday disruptions and sluggish demand, the pace of procurement in the Turkish market remained slow this week, with current Black Sea billet offers to Turkey maintained at 495–500 USD/tonne CFR. Notably, to maximize their share of duty-free quotas into the EU, some Russian mills have already proactively launched early production plans.

Common.Time.minsAgo