BHP, FMG and Rio Tinto share prices trend higher, iron ore futures remain elevated
Indeed, all of Australia's big three miners notched up strong gains during the session: BHP Billiton (BHP) rose 4.52% to $33.10 per share; while Rio Tinto (RIO) climbed nearly 6% to finish out the session at $90.30 per share.
Fortescue Metals Group (FMG) finished slightly ahead of RIO, closing out Monday up 5.82% to $13.28 per share. FMG hit an all-time high of $13.53 during the session – implying an impressive one year return of 48.04%.
Overall, this bullish activity from Australia’s materials sector comes as Chinese demand for iron ore remains robust and prices elevated well across the futures curve.
For reference, CME’s front-month iron ore futures contract last traded at US$89.50 per tonne. Maybe most interestingly however, iron ore futures don’t dip below US$70 per tonne until July 2022.
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