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.
