The Fortescue Metals Group Limited (ASX: FMG) share price is on course to end the week in the red.
In late morning trade, the iron ore producer's shares are down over 2% to $14.10.
This latest decline means the Fortescue share price is now down 6% in October.
Why is the Fortescue share price sliding today?
The weakness in the Fortescue share price today appears to have been driven by a sharp pullback in iron ore prices overnight.
It isn't just Fortescue's shares that are being impacted. Also falling today are fellow mining giant BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO).
Their shares are down approximately 3% at the time of writing, mirroring similar declines by their London and New York listed shares last night.
What's the latest on the iron ore price?
Traders were selling down iron ore prices overnight amid bearish sentiment in respect to steel prices and demand.
According to Metal Bulletin, the iron ore 62% fines Qingdao cfr price dropped US$7.14 or 5.75% to $116.93 per tonne.
It was a similar story for the low grade iron ore that Fortescue products. The price of 58% fines dropped 6.3% or US$5.99 per tonne to US$88.98 per tonne.
Is this a buying opportunity for investors?
According to a recent note out of Bell Potter, its analysts see a lot of value in the Fortescue share price.
The broker has a buy rating and $20.87 price target on its shares, which implies potential upside of 48%. It is also forecasting a massive 23% fully franked dividend yield in FY 2022 based on the current Fortescue share price.
Commenting on its share price weakness in recent months, the broker said: "While the share price currently looks like a falling knife, we are of the view that it remains a robust and attractive long-term investment and the current market valuation is an opportunity to build exposure."
