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Why the Fortescue share price is up another 7% today

The Fortescue Metals Group Limited (ASX: FMG) share price surged 7% higher to $6.39 this afternoon despite the Pilbara-based iron ore miner releasing no specific news to the market.

For the half-year period ending December 31 2019 Fortescue posted a net profit of US$644 million on revenue of US$3,540 million, with basic earnings per share of US20.8 cents translating into A$0.308 cents in dividends.

This was a strong result on the back of an iron ore price that averaged just US$63.58 per tonne through July 2018 up to an average price of US$74.17 per tonne in November 2018.

While as at March 1 2019 the average iron ore price tonne had reached US$85.98 according to data provider Market Index, with the big iron ore price rises translating into a share price that has climbed 70% over just the last six months.

The other factor unfortunately supporting the share prices of Fortescue and other iron ore miners like BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are worries over falling iron ore supply out of Brazil after the tailings dam disaster in the country that reportedly killed at least 122 people.

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