What is driving Fortescue's (ASX:FMG) share price on ASX today?

2 min read | July 18, 2022 04:54 PM AEST | By Ritwika

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What is driving Fortescue's (ASX:FMG) share price on ASX today? — Image source: Image source: © Viewimage | Megapixl.com

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Highlights:

Fortescue shares traded in green today, buoyed by a positive sectoral performance on ASX today (July 18).

The ASX 200 Materials sector was one of the best performing sectors on ASX today.

Australian iron ore mining giant Fortescue Metals Group Ltd (ASX:FMG) shares closed 3.429% stronger at AU$16.89 per share on ASX today (18 July). Fortescue had closed trading in red on Friday (15 July).

It is to be noted that there was no price-sensitive announcement from Fortescue on ASX today,

Why are Fortescue shares trading in green today?

Today, eight out of 11 sectors from ASX 200 index closed in green and the S&P/ASX 200 Materials sector was one of the best performing sectors on ASX today.

The S&P/ASX 200 Materials sector (ASX:XMJ) gained 339 points or 2.37% on ASX today and closed at 14662.90 points.

The share price of Fortescue has been slightly volatile in the recent past. The reason behind this could be the slow decline of iron ore prices. The iron ore prices have been showing a downward trend for the last few weeks.

Image source: © Sergioz | Megapixl.com

Some reports claimed that the decline in iron ore prices is driven by the slowing down of the Chinese economy due to COVID-19 lockdowns and some other factors.

A summary of Fortescue's share price performance on ASX:

Fortescue's share price has declined around 34% in the last one year. Meanwhile, the mining giant's YTD share price also dropped almost by 15% (as of 3:36 PM AEST on ASX today (18 July).

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