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ASX falls as war uncertainty lingers; BHP gains on China breakthrough, Cochlear plummets

BHP rose 1.3% after settling a nine-month pricing dispute with China’s state-backed buyer, while the ASX fell 0.7% as Middle East tensions curbed risk appetite.

  • On Wednesday, BHP finalized a supply contract with the China Mineral Resources Group, ending a disruptive nine-month standoff over iron ore pricing and commercial terms.
  • China initiated the pricing battle nine months ago by banning BHP's Jimblebar Fines, seeking greater control over iron ore costs as steelmakers faced margin pressure.
  • The dispute involved Australia's $93 billion annual iron ore export trade with China, though BHP did not disclose contract terms, leaving potential for future disagreements.
  • While the broader ASX fell 0.7 per cent amid Middle East war jitters, BHP shares climbed 1.3 per cent following the resolution.
  • President Donald Trump extended a ceasefire indefinitely as peace talks between the United States and Iran failed, leaving geopolitical uncertainty weighing on markets.
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Bloomberg broke the news in United States on Tuesday, April 21, 2026.
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