Iron ore is down 28% since June. What does this mean for the BHP share price?

The price of iron ore has continued its descent having collapsed more than 28% from its June 7 highs of $146.50 at the open on Wednesday.

The raw material now trades in line with its December 2021 levels, giving back the entirety of its gains earned in 2022.

As seen below, this had been a net negative for the BHP Group Ltd (ASX: BHP) share price, up until around 15 August, when the share has broken away from the underlying commodity price.