Australian miners surge to record high on firm ironore, copper prices

SGH

06/01/2026 24:58

** Shares of Australian miners .AXMM rise as much as 2% to hit a record high

** Sub-index tracks global ironore prices higher which rose on strong demand IRONORE/

** Copper prices also surged to their record high following a strike at a Chilean mine, others MET/L

** Australia's largest steelmaker, BlueScope Steel BSL.AX  rises as much as 21.8%, its highest level since October 3, 2008, after receiving $8.8 billion buyout bid from SGH SGH.AX and Steel Dynamics STLD.O

** BSL top gainer on the sub-index

** Among sector giants, Rio Tinto RIO.AX gains 1.3% while BHP Group BHP.AX rises 1%

** AXMM gained nearly 40% in 2025, its best year since 2016

 (Reporting by Rajasik Mukherjee in Bengaluru)

 ((Rajasik.Mukherjee@thomsonreuters.com))