The BHP Group Ltd (ASX: BHP) share price has been a strong performer on the ASX 200 in 2019, although October saw the BHP share price slide almost 3% to close the month at $35.95 per share.
The S&P/ASX 200 Index (INDEXASX: XJO) also fell 79.4 points or 1.18% last month in a disappointing month for investors.
So, what was moving BHP shares in October and where is it headed in November?
Why the BHP share price fell in October
Iron ore markets fell lower in October with prices now down more than 5% since the start of the month.
This hurt the BHP share price last month, alongside fellow blue-chip miner Rio Tinto Limited (ASX: RIO).
Concerns over demand out of China have also weighed on the Aussie iron ore miners so far this year.
Steel mill margins in China are under pressure and the US–China trade war continues to roll on into November.
Should you buy BHP shares in November?
The BHP share price fell lower in October, having edged higher in September 2019 after the Saudi Arabia oil strike.
Company shares are trading for around $35.67 per share this afternoon at a price-to-earnings ratio of 14.71x.
The current share price is near the middle of the company's 52-week trading range with a dividend yield of 5.38% per annum.
BHP's market cap of $177 billion dwarfs that of Rio Tinto ($33.7 billion) with the fellow miner trading at just 7.9x earnings.
Given Rio Tinto shares are yielding 4.4% right now, I think the BHP share price could be a touch more expensive on a relative value basis.
Both Rio Tinto and BHP shares could be buys in the medium-term largely due to the current valuation.
Foolish takeaway
While BHP shares fell lower in October, I think the outlook isn't too bad for November 2019 and beyond.
At $35.67 per share, the BHP share price could be a good tactical buy alongside Rio Tinto shares.
If you're looking for something a little less cyclical then I'd suggest checking out fellow ASX blue-chip CSL Limited (ASX: CSL) in November.
