Bayon Financial

Graeme Cunningham

Mr. Cunningham is a CFA Charterholder with over 15 years of experience as an equity research analyst, mostly on the sell side at investment banks, including Goldman and Jefferies, and with some time on the buy side. He has covered the consumer, telecoms, financials, energy and mining sectors, with a focus mainly on Southeast Asia, including Thailand and Vietnam.

BHP: Copper Rules Results But Still Risks To Rally

BHP: Iron Ore Ban Opacity, Surprise New CEO

Iron Ore Monthly (March 2026): War-Led Rally Lifts Prices, But Options Point to a Q3 Reversal

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

<ul>
<li>Operational results for calendar Q4/25 (fiscal Q2/26) were mixed, with growth yoy in iron ore output, a decline for copper, and coal split, with energy jumping, but steelmaking down </li>
<li>With BHP finally commenting on the iron ore ban in the results, in this report we cover its development so far and the shifting balance of power in the sector </li>
<li>We see risks to iron ore and copper prices, with the former already declining and recent moves in the latter looking precarious, while valuations are getting moderately expensive </li>
</ul>


Operational results for calendar Q4/25 (fiscal Q2/26) were mixed, with growth yoy in iron ore output, a decline for copper, and coal split, with energy jumping, but steelmaking down 
With BHP finally commenting on the iron ore ban in the results, in this report we cover its development so far and the shifting balance of power in the sector 
We see risks to iron ore and copper prices, with the former already declining and recent moves in the latter looking precarious, while valuations are getting moderately expensive 


BHP Group Ltd

BHP: The China Iron Ore Ban (So Far...)