ASX mining stocks are higher on Thursday despite weakness in various commodity prices overnight.
Despite no company news from the major ASX iron ore mining stocks today, all four are on the up.
Shares in the iron ore pure-play Fortescue Ltd (ASX: FMG) are rising 2.11% to $18.35. Mineral Resources Ltd (ASX: MIN) shares are up 0.91% to $46.42 apiece.
The BHP Group Ltd (ASX: BHP) share price is up 0.22% to $40.97. The Rio Tinto Ltd (ASX: RIO) share price is 0.42% higher at $112.40 per share.
The share price gains come amid an 0.11% fall in the iron ore price overnight to US$97.99 per tonne.
The commodity's value has fallen 2.44% over the past week and is down 9.4% over the past month. Year over year the iron ore price is down 8%.
There are projections that the iron ore price will go lower to an average of US$90 per tonne in the December quarter and US$85 per tonne in the March 2025 quarter.
This weakness is largely due to troubles in China's economy and particularly its property market.
According to Trading Economics analysis today:
Prices of iron ore cargoes with a 62% iron content fell to below the $100 threshold in August, the lowest in 20 months, as poor demand for steel in China drove mills to cut their iron input buying.
China's housing oversupply crisis and the government's lack of stimulus measures toward debt-ridden property developers increasingly hampered the outlook for construction activity.
This was underscored by China's NBS Construction PMI falling to a one-year low in July, while housing prices sank the most since 2015.
Consequently, output data showed that steel production in the country plunged by 9% from the previous month, limiting the outlook of iron ore input purchases by blast furnaces.
The S&P/ASX 200 Index (ASX: XJO) is up 0.30% in late afternoon trading. Let's take a look at how some other ASX mining stocks are performing today.
ASX mining stocks defying overnight trends in commodities
First to ASX gold mining stocks.
This sector of the mining market has been an exciting space in recent times, with the commodity price rising strongly since February.
The gold price rose above US$2,500 per ounce for the first time ever last week. Overnight, the gold price fell 0.44% to US2,501.78 per ounce.
Today, shares in the biggest name in the ASX gold mining sector, Northern Star Resources Ltd (ASX: NST), are up 1.68% to $15.15 after the company released its FY24 results.
Northern Star reported record cash earnings of $1.81 billion, up 48% from FY23. The ASX mining stock will pay an unfranked final dividend of 25 cents per share, up 61% from the prior final dividend.
Other ASX gold mining stocks are also higher today.
Evolution Mining Ltd (ASX: EVN) stocks are up 0.58% to $4.37 and Newmont Corporation CDI (ASX: NEM) shares are up 0.1% to $76.85.
Now to nickel.
Overnight, the nickel price fell 1.03% to US$16,859 per tonne. Year over year, the metal's value has tanked 16.8%, largely due to massive new supply coming out of Chinese-backed producers in Indonesia.
Despite this, ASX nickel mining stock Nickel Industries Ltd (ASX: NIC) is up 0.60% to 84 cents today. Shares in IGO Limited (ASX: IGO), which produces both nickel and lithium, are steady at $5.28.
What about lithium?
The lithium carbonate price finished last night's session steady at US$10,305 per tonne. The commodity's value has fallen by more than 66% over the past year.
However, ASX lithium shares are also defying the weakness seen in overnight commodities trading.
Arcadium Lithium CDI (ASX: LTM) shares are up 1.58% to $4.18 apiece, Pilbara Minerals Ltd (ASX: PLS) shares are up 1.19% to $2.98, and Core Lithium Ltd (ASX: CXO) shares are up 5% to 11 cents.
What's next for ASX mining stocks?
Earning season continues with Pilbara Minerals due to release its results next Monday.
BHP will reveal its numbers on Tuesday, with Fortescue to follow on Wednesday, and then Mineral Resources and IGO on Thursday.
