The Fortescue Metals Group Limited (ASX: FMG) share price is among the S&P/ASX 200 Index (ASX: XJO)'s top performers on Monday despite no news from the company.
The iron ore giant's stock looks to be enjoying a boost from the commodity's rising price.
At the time of writing, the Fortescue share price is $20.80, 3.23% higher than its previous close.
For context, the ASX 200 is up just 0.08% right now.
Let's take a look at what might be helping bolster the ASX materials giant on Monday.
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What's boosting the Fortescue share price today?
The Fortescue share price is outperforming today. Its gains come after iron ore futures surged 2.5% to US$134.36 a tonne on Friday.
The steel-making ingredient's value rose amid news China cut its benchmark reference rate for mortgages, according to CommSec.
And Fortescue's stock isn't alone in the green on Monday. The S&P/ASX 200 Materials Index (ASX: XMJ) is the index's best performing sector today. It has gained 1.2% at the time of writing.
Fortescue is leading the sector's rise. Meanwhile, shares in Champion Iron Ltd (ASX: CIA) and James Hardie Industries (ASX: JHX) are hot on its tail, having lifted 2.4% and 2.22% respectively.
At the same time, the share prices of fellow iron ore giants Rio Tinto Limited (ASX: RIO) and BHP Group Ltd (ASX: BHP) are recording gains of 2.22% and 1.82% respectively.
The Fortescue share price has outperformed the ASX 200 to gain 8.38% over the course of 2022 so far. Though it has slipped around 6% since this time last year.
