The Grange Resources Ltd (ASX: GRR) share price has waltzed through today's session in the green. Grange Resources' shares closed at 78.5 cents, up 4.67% on the day.
Including today's gains, the company's share price is up 30% over the previous 5 trading sessions.
Whilst there was no market sensitive news for the company today, let's take a look at what it's been up to lately.
Firstly – who is Grange Resources?
Grange Resources stands on the podium as one of Australia's leading producers of iron ore pellets.
The company has three key locations in Tasmania and Western Australia that produce more than 2.2 million tonnes of iron ore products and more than1.2 billion tonnes of high-quality mineral resources.
Grange originates the bulk of its revenue from iron ore sales into China, Japan, Australia and Korea, but also recognises revenue from housing unit developments in these regions.
Iron ore and the Grange Resources share price
Shares in the minerals exploration and production company have climbed 45% over the previous month, outpacing the S&P/ASX 200 Index (ASX: XJO)'s return of 0.20% over this period.
At the same time, iron ore spot prices have surged by 39% year to date.
Large upticks in the price of iron ore occurred during May where the price ran from $179 to highs of $208 by the end of that month.
It's quite possible investors have rewarded Grange Resources shares lately as the company has high exposure to iron ore through its core operations.
Since 30 May, the Grange Resources share price has skyrocketed from 52 cents to today's close of 78.5 cents, a 51% jump.
Grange's earnings results
There has been no market sensitive information released by the company since its quarterly report on 27 April 2021.
In its filings, the company showed positive results for Q2 2021, increasing pallet production to 616 kilotonnes, up from 479 kilotonnes the previous quarter.
The company also realised a 25% increase in average prices received to $297.66 per tonne during the quarter.
Grange Resources also grew its cash position considerably over this time from ~$74 million to $258 million, as demonstrated by the company's balance sheet.
Following this announcement, the Grange Resources share price has climbed 31% to today's market price.
Foolish takeaway
The Grange Resources share price continues its positive run this year to date, having jumped 27% into the green over the previous 5 trading sessions and 42% over the last month.
The run-up in share price for the company is possibly a result of iron ore prices running hot and positive earnings releases in earlier months.
At the time of writing, Grange Resources has a market capitalisation of $908 million and trades at a price to earnings ratio of 4.46.
