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Highlights

  • BHP Group's share price fell by 2.2% in March, outperforming the 4.0% decline in the S&P/ASX 200 Index.

  • Iron ore and copper prices provided some stability, with copper rising 4.7% over the month.

  • BHP paid out a fully franked interim dividend of 78.5 cents per share, bringing the dividend-adjusted share price decline to just 0.1%.

BHP Group Ltd (ASX:BHP) faced headwinds in March as global markets experienced widespread sell-offs. Despite this, the mining giant’s stock managed to outperform the broader market.

The stock ended February at AU$39.04 per share and closed March at AU$38.20, marking a 2.2% decline. Comparatively, the S&P/ASX 200 Index (ASX: XJO) fell 4.0%, reflecting a tougher environment for equities worldwide.

Investors remained cautious as geopolitical tensions in Ukraine and the Middle East intensified, while concerns over US trade policies under President Donald Trump added to market uncertainty.

Commodity Prices Offer Some Stability

BHP’s share price found some relief from stable iron ore prices and a rally in copper. Iron ore, the company’s biggest revenue driver, remained above US$100 per tonne, despite slipping from US$106 to US$102 per tonne over the month. Goldman Sachs, however, forecasts a drop to US$85 per tonne by Q4 2025, which could impact future earnings.

Meanwhile, copper prices surged by 4.7%, rising from US$9,358 per tonne in February to US$9,794 per tonne by March’s end. The rally was largely driven by China’s announcement of a 5% economic growth target for 2025, which includes plans to boost domestic consumption and infrastructure spending—both of which rely heavily on copper and steel demand.

Dividend Adjustments Minimise Losses

March was also significant for dividend investors, as BHP distributed a fully franked interim dividend of 78.5 cents per share on 27 March. Shareholders who held BHP stock by 5 March qualified for the payout.

When factoring in this dividend, BHP’s adjusted share price on 31 March stood at $38.985, effectively reducing the stock’s monthly decline to a modest 0.1%.