The Fortescue Metals (ASX: FMG) share price is tumbling today amid a tough trading day for ASX iron ore shares.
Fortescue shares are currently swapping hands at $19.57, a 6.05% fall. For perspective, the S&P/ASX 200 Index is 1.37% in the red today.
With no price-sensitive news released by the miner today, let's take a look at what else might be impacting the Fortescue share price.
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Iron ore futures plunge
Fortescue shares may be down, but it is not the only mining share on the ASX to plunge. The S&P/ASX 200 RESOURCES Index (ASX: XJR) is down 1.86% today.
Meanwhile, BHP Group Ltd (ASX: BHP) shares are falling 1.13% and Rio Tinto Limited (ASX: RIO) shares are 2.62% in the red. Hawsons Iron Ltd (ASX: HIO) shares are plummeting more than 18%.
Overseas, Singapore iron ore futures dropped 6.7% to US$128.75, The Australian reported.
China's benchmark iron ore future on the Dalian Commodity Exchange also plunged 5.1% in late trade on Friday to 825 yuan per tonne, according to a Reuters report. China's 'zero-COVID-19' policy is reportedly causing traders to be more cautious.
This follows a positive month in April which saw the Fortescue share price climb 4.7%. Investors reacted positively to the company's third-quarter update on 28 April.
The company reported a 10% jump in shipments to 46.5 million tonnes in the first three months of the year.
Fortescue share price snapshot
Despite a slide of nearly 15% over the past 12 months, the Fortescue share price has lifted almost 2% year to date.
In comparison, the benchmark S&P/ASX 200 Index has returned 0.37% over the past year.
Fortescue has a market capitalisation of more than $60 billion based on its share price today.
