Why are ASX 200 mining share prices slipping today?

A sad Carnaby Resources miner holds his head in his handsA sad Carnaby Resources miner holds his head in his hands

The S&P/ASX 200 Index (ASX: XJO) is in the red today, but some ASX 200 mining shares are falling harder.

The ASX 200 benchmark index is sliding 1.16% today. However, the S&P/ASX 200 Resources Index (ASX: XJR) is down nearly 3%.

Let’s take a look at how ASX 200 mining shares are faring today.

BHP, Rio, Fortescue fall

Three mining shares suffering on the ASX today are Rio Tinto Limited (ASX: RIO), BHP Group Ltd (ASX: BHP), and Fortescue Metals Group Limited (ASX: FMG).

Rio shares have fallen 3.7%, BHP shares have descended 2.81% while Fortescue shares have slid 2.65%.

China iron ore futures fell 7% on Tuesday to nearly a two-month low, a Reuters report cited by NAB trade stated.

Iron ore futures on the Dalian Commodity Exchange dropped to US$112.80, the lowest level since 16 March. Singapore iron ore futures also dropped 4.2%.

GF Futures analysts quoted by Reuters suggested US rate rises are impacting commodity prices. Analysts added: “That has led to significant decline in commodities prices denominated in US dollars such as iron ore.”

Rio Tinto, BHP, and Fortescue Metals are all iron ore producers. COVID-19 lockdowns in China could also be impacting iron ore prices, my Foolish colleague Brooke reported today.

Meanwhile, Macquarie has suggested BHP shares could command a re-rating following the demerger of its petroleum business.

ASX 200 mining share price recap

The BHP share price has dropped 13% in the past year, while Rio shares have descended nearly 23%. Meanwhile, the Fortescue share price has also plunged 23% over the past 12 months.

For perspective, the benchmark ASX 200 index has shed nearly 2% in a year.

The post Why are ASX 200 mining share prices slipping today? appeared first on The Motley Fool Australia.

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