The BHP Group Ltd (ASX: BHP) share price was one of the best performers in the S&P/ASX 200 Index (ASX: XJO) in the 2026 financial year.
BHP is best known as one of the world’s largest iron ore miners. It’s now a major producer of copper, while also producing coal. Plus, it is working on a potash (fertiliser) project in Canada.
What happened to the BHP share price?
BHP shares climbed by 61.6% in the 2026 financial year, significantly outperforming the 2.8% rise of the ASX 200.
FY26 saw a weak performance by the ASX 200 – dragged down by weakness in CSL Ltd (ASX: CSL) shares and Commonwealth Bank of Australia (ASX: CBA).
But, this was clearly a great year for the BHP share price. It may partly have delivered such a big return because it was starting from a low point – around $40.
I’d also suggest a big part of the strength of the BHP share price was the surprising strength of the iron ore price and the copper price.
When resource prices are stronger than expected, it can mean their profit is significantly better because of the operating leverage of in the mining industry. BHP’s production costs don’t really change, so extra revenue is a great bonus for profitability.
Is the ASX mining share a buy today?
BHP is one of the world’s best at what it does. The question is, is it good value after rising so much in the last year?
The iron ore price has drifted lower over the past few weeks – it’s now under US$100 per tonne, according to Trading Economics.
If I had a crystal ball, I could know how low the iron ore price will fall in the coming months, which would be a useful indicator of what’ll happen to the BHP share price.
I’m concerned about what the impact of greater iron ore shipments out of Africa could mean for BHP and other iron ore miners. In that sense, I don’t think this is a good time to invest in BHP shares because it’s still trading highly.
However, I am positive about its exposure to copper for the long-term because of its global demand and rising usage for things like electrification.
I don’t think this is the right time to invest in BHP shares if investors are aiming for market-beating returns. I’d be very happy if I were a shareholder about the FY26 rise, though.
