The Fortescue Metals Group Ltd (ASX: FMG) share price was up 3% to $26.18 by lunchtime before its gains began to fade.
At the time of writing, shares in the iron ore major are up 2.22% to $25.98.
Despite a slightly weaker performance, the Fortescue share price is not far off its 8 January record high of $26.40.
What should investors consider as the Fortescue share price lingers around record territory?
Reporting season is right around the corner
According to Fortescue's website, the company will deliver its FY21 full-year financial results on 30 August.
As covered by The Motley Fool, here's what investors should look out for when the results are released.
To summarise, this includes the expectation of a record shipping performance, an update about the blowout costs from the Iron Bridge project and dividends.
What's next for the Fortescue share price?
It can be difficult to get a read on Fortescue shares.
One moment, iron ore prices are tumbling but the Fortescue share price is standing tall.
The next, Fortescue shares tumble despite iron ore prices holding well above US$200/tonne.
Last week, Mining.com reported that the most active September futures contract on China's Dalian Commodity Exchange fell 10%, down 17% from all-time highs in May.
The significant pullback in Chinese futures was the biggest weekly drop since the initial COVID-19 selloff in February 2020.
Mining.com said that the decline was driven by "efforts to reduce output of the construction and manufacturing material in line with its [China's] carbon emission reduction goal".
Despite the weaker pricing, the Fortescue share price tipped just 0.86% lower last week, with a close of $25.26 on Friday.
This week, the Fortescue share price has tipped higher following a recovery in Chinese iron ore prices.
The rebound in iron ore has also witnessed a strong rally from ASX iron ore heavyweights, BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO).
