The Rio Tinto Limited (ASX: RIO) share price is set to finish the week in the green.
Since Monday, the iron ore mining outfit's shares have risen more than 4% following an uptick in positive sentiment.
At the time of writing, Rio Tinto shares are currently edging 2.56% higher to $113.61.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the green, up 1.10% to trade at 7,183.8 points.
Let's take a closer look at what's driving the miner's shares upwards lately.
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Iron ore prices rebound
After hitting a near 3-month low of around US$123 last week, iron ore prices have staged a mini rebound.
According to Trading Economics, the steel making ingredient is currently fetching at US$130 per metric tonne. While there's been no movement today, this represents a gain of approximately 5.6% over the week.
What's causing iron ore prices to push higher?
The iron ore price has rallied due to global supply concerns from major producers, Australia and Brazil.
In addition, India lifted export duties for iron ore and steel intermediates to curb inflationary costs.
This has led to optimistic sentiment among investors for the steel making ingredient.
However, if global economic growth slows down, iron ore demand could wane leading to a retrace in prices.
Recently, the Chinese government cut borrowing rates in an effort to spur economic activity.
The country's strict COVID-19 zero policy and property slump caused demand to slump in the construction sector.
As such, iron ore stockpiles at major Chinese ports fell for the eighth consecutive week.
Rio Tinto share price snapshot
It's been a rollercoaster ride for Rio Tinto shares, having moved unpredictably over the past 12 months.
Its shares are down 5% since this time last year.
Based on valuation metrics, Rio Tinto presides a market capitalisation of approximately $42.17 billion.
