Multiple ASX 200 mining shares are in the green today. BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares are rising 2.59% and 2.97% respectively.
Meanwhile, the Rio Tinto Limited (ASX: RIO) share price is jumping 2.47% and South32 Ltd (ASX: S32) shares are up 2.57%. For perspective, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.45%.
Let's take a closer look at what's happening with these mineral explorers today.
Why are these ASX 200 mining shares rising?
Iron ore prices may be impacting multiple ASX 200 mining shares today. Rio Tinto, BHP, and Fortescue are all major iron ore producers.
The iron ore price jumped in global markets on Wednesday. It leapt 0.93% to US$108.5 per tonne, Trading Economics data shows.
ANZ economist Madeline Dunk said iron ore futures were steady after trade data from China showed imports of iron ore were "better than expected".
In a research note, she added: "China's imports of the steel-making raw material were down only 0.5% y/y in June to 89mt."
Silver and gold prices also jumped in global markets overnight, although they are pulling back now. South 32, Rio, and BHP all produce silver. Rio Tinto, BHP, and Fortescue all explore and produce gold.
As my Foolish colleague Bernd noted, US inflation has rocketed to 9.1%, according to the latest figures from America.
Gold can go up when inflation rises as it can be considered an inflation hedge. On the flip side, high rate rises can lead to a higher US dollar. The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is jumping 1.86% today.
Meanwhile, looking at the bigger picture for ASX 200 mining shares, Japan Institute of Energy Economics chairman Tatsuya Terazawa has warned China is dominating global supply chains for rare earths used in batteries. He said in comments quoted by the Sydney Morning Herald:
Frankly, we're not aware that we were so dependent on Chinese rare earths. The embargo almost paralysed entire industrial activities, and the prices of rare earths skyrocketed quickly.
Share price snapshot
The BHP share price has fallen nearly 17% in the past year, while Fortescue has descended nearly 31%. Rio Tinto shares have fallen nearly 25%, while South32 shares have risen 23%.
For perspective, the ASX 200 has lost nearly 10% in the past year.
