BHP Outperforms Mining Peers Amid Steady Iron Ore Prices

The Australian mining stocks Rio Tinto (ASX: RIO), Fortescue (ASX: FMG), and BHP Group (ASX: BHP) all trailed behind the S&P/ASX 200 Index (ASX: XJO) in July, with only BHP shares managing to finish the month in positive territory.

BHP's share price rose by 1.5% over the month, closing at $60.31 on July 31st after trading at $59.40 on June 30th. In contrast, Rio Tinto shares fell by 1.1%, and Fortescue shares dropped by 3.3%.

The miners' top revenue earners are affected by the iron ore price, which remained steady in July at around US$98 per tonne. However, the copper price increased by 3.5% to $13,791 per tonne.

Each of the three companies reported quarterly or half-year results in July, with BHP releasing its June quarter update on July 16th. The company's copper production rose by 3% from the previous quarter but dropped by 3% year-on-year. Meanwhile, iron ore production increased by 1%.

Fortescue reported a record-breaking total of 201.3 million tonnes of iron ore shipped in FY 2026, but its share price fell after the company announced plans to write down US$750 million on its Iron Bridge magnetite project due to a revised ramp-up schedule and lower production estimates.

Rio Tinto's half-year results were released on July 29th, and the company reported a significant increase in revenue, underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA), and profit after tax. The company declared an increased dividend of AU$3.072 per share.