S&P/ASX 200 Index (ASX: XJO) mining shares are some of the standout performers today.
While the ASX 200 is down around 0.6% in early afternoon trade, the BHP Group Ltd (ASX: BHP) share price is up 1.62%.
Meanwhile, Fortescue Metals Group Ltd (ASX: FMG) is up 2.23% while Mineral Resources Ltd (ASX: MIN) has gained 1.54%.
So, why are the big miners doing the heavy lifting today?
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Bargain hunting and resurgent iron ore
It looks like the three ASX 200 mining shares named above are predominantly benefiting from two aligned factors.
First, after falling 9.7% yesterday, iron ore prices gained 2.4% overnight to US$138.95 per tonne.
Both BHP and Fortescue earn a large portion of their revenue from iron ore, while mining services company Mineral Resources has a strong focus on miners digging up the industrial metal.
Second, and tied into yesterday's sharp fall in iron ore prices, it looks like investors may be doing some bargain hunting following some big drops in the top miners during yesterday's trading.
Yesterday the BHP share price closed down 5.8%, Fortescue shares lost 6.9%, and the Mineral Resources share price fell a painful 9.5%.
Atop the bargain hunting and bounce in iron ore prices, Mineral Resources could also be benefiting from some positive broker coverage out this morning.
Bell Potter reported that it is maintaining its buy rating on the ASX 200 mining share, with a $70.00 price target. That's 27% above the current Mineral Resources share price.
The broker was also positive about Mineral Resource's US$1 billion offering of senior unsecured notes, calling it "further confirmation of MIN's commitment to the transformational portfolio of growth projects".
How have these ASX 200 mining shares been tracking?
Two of the three big miners listed above have handily outperformed the benchmark this year.
While the ASX 200 has lost 4.3% since the opening bell on 4 January, Fortescue shares have gained 4.6% and the BHP share price has rocketed 11% higher.
Mineral Resources shares, however, have struggled, with the ASX 200 mining share losing around 2% year-to-date.
