BHP, FMG and Rio Tinto share prices trend higher, iron ore...

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.