The BHP Group Ltd (ASX: BHP) share price is back in the green today following a disastrous day's trade on Monday. The mining giant's stock slumped 5.3% yesterday amid tumbling iron ore futures.
Fortunately, today is proving to be brighter. At the time of writing, the BHP share price is $41.27, 2.48% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently 1.59% higher.
Let's take a closer look at what might be going on with the ASX's biggest company by market capitalisation this week.
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BHP share price recovers some of yesterday's tumble
The BHP share price appears to be on the mend on Tuesday despite the continued fall of iron ore prices.
Iron ore futures sank 2.6% overnight to US$128 a tonne, according to CommSec.
The latest fall comes amid concerns Chinese demand for steel could further weaken. Some steel mills in the nation are even rumoured to have cut outputs, according to Reuters.
Despite the commodity's downturn, the BHP share price is lifting alongside the company's home sector – the S&P/ASX 200 Materials Index (ASX: XMJ). It's currently the market's second-best performer, having gained 2.06% at the time of writing.
It's also worth mentioning that plenty of other commodity prices lifted overnight. Notably, the price of copper and nickel – both produced by BHP – each increased by 0.3%.
BHP's fellow iron ore giants Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) are also in the green. Their share prices have gained 2.68% and 2.88% respectively at the time of writing.
Today's rise included, the BHP share price is 11% higher than it was at the start of 2022.
Though, it's almost 13% lower than its high on 8 June. Finally, it is up 1.8% since this time last year.
