The S&P/ASX 200 Index (ASX: XJO) fell 3% in November, but how did BHP Group Ltd (ASX: BHP), Rio Tinto Ltd (ASX: RIO), and Fortescue Ltd (ASX: FMG) shares stack up?
Well, while two of the ASX mining giants outperformed the benchmark's losses, only one finished the month in the green.
That middling performance came after all three miners enjoyed a strong run into the end of October. This looks to have limited their gains in November, despite a resilient iron ore price and ongoing gains in the copper price.
Iron ore ended November at just over US$106 per tonne, while copper was trading for US$11,189 per tonne. The red metal has now gained more than 28% year to date.
As for the ASX 200 mining stocks…
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Fortescue shares lead the charge
Fortescue shares were the only ones among the big three Aussie miners to gain in the month just past.
Fortescue closed out October trading for $21.29 a share and ended November at $21.41 a share. That saw the stock up 0.6% for the month, handily beating the 3% one-month loss posted by the ASX 200.
There were no new price-sensitive announcements released by the company in November.
BHP shares underperformed Fortescue shares, Rio Tinto shares, and the ASX 200 in November.
Shares in Australia's biggest miner (and second biggest stock on the ASX) closed on 31 October trading for $43.45 apiece. When the closing bell rang on 28 November, shares were changing hands for $41.67. This saw the BHP share price down 4.1% over the month just past.
Perhaps the biggest headwind impacting BHP shares has been China's ongoing attempt to assert more control over iron ore pricing in its deals with BHP.
In November, ASX investors learned that China's government had told domestic steel mills and commodity traders to no longer buy 'Jingbao fines' (low-grade iron ore). However, analysts were quick to note that Jinbao fines only make up a small percentage of BHP's iron ore exports to the Middle Kingdom.
November also saw BHP announce that it was abandoning recently resumed acquisition discussions with global miner Anglo American (LSE: AAL).
BHP stated:
Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy.
Which brings us to Rio Tinto shares, which outperformed the ASX 200 and BHP but underperformed Fortescue shares in November.
Rio Tinto shares closed out October at $132.87 and finished November trading for $132.28 apiece, down 0.4% for the month.
There were no new price-sensitive releases out from the miner in November.
