Total Iron = 2%

It doesn't specify the type of iron, which may matter, or may not. Obviously, soluble iron released from a slow-release capsule is.... soluble, and can be picked up by the plant. High pH (alkaline) water will precipitate iron. Miracid is buffered, so
the pH of the water is less important.

Again, I've never actually seen an iron-deficient azalea bonsai, and don't know if it's a real problem. If your plants turn yellow, then you will be right to worry.

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