The BHP Group Ltd (ASX: BHP) share price charged higher on the market on Thursday.
BHP shares rose 2.4% to close the day at $46.08. For perspective, the S&P/ASX 200 Index (ASX: XJO) lifted 1.02% today.
Let's take a look at how the day played out for the BHP share price.
Iron ore prices rise
BHP shares may have risen today, but multiple other ASX 200 iron ore producers also edged higher.
Fortescue Metals Group Ltd (ASX: FMG) shares lifted 2.13%, while RIO Tinto Ltd (ASX: RIO) jumped 1.8%.
The iron ore price climbed 2% overnight to US$123.30 a tonne.
It appeared to lift amid positive sentiment out of China, the world's largest importer of the commodity.
Commenting on this optimism in a research report today, ANZ economist John Broomhead said:
Iron ore futures were steady, following gains earlier in the week on optimism that China's construction period will boost demand.
Traders have shrugged off pollution-controlling curbs on steel output and lingering concerns around the property slump in recent weeks. With fixed asset investment showing signs of improvement, the mood has lifted.
Iron ore on the Singapore Exchange is currently fetching US$122.85 a tonne at last look.
Eligible BHP shareholders were due to receive a FY23 interim dividend in their bank accounts today. The company declared a dividend of US 90 cents a share.
This is down 40% from the US$1.50 cents a share paid out in the first half of FY22.
Goldman Sachs is tipping BHP will pay a fully franked final dividend of US$1.21 per share in the second half of this year.
Share price snapshot
The BHP share price has risen 2.32% in the last year. However, it has climbed 3.43% in the past month.
BHP has a market capitalisation of about $233.4 billion based on today's closing share price.
