The Fortescue Metals Group Limited (ASX: FMG) share price is rangebound today. At the time of writing, the share trades less than 1% in the green at $18.97.
Whilst various commodity stocks have flown to new heights in 2022, Fortescue has languished and now rests more than 1% in the red this year to date.
Chief to the struggles has been the price of iron ore. It too has incurred a difficult trot in 2022. Zooming out, it's currently trading down 33% over the past 12 months as well.
Is the Fortescue share price heating back up?
Given the share's sensitivity to the price of iron ore, as it is a price taker on the product, it really depends on what's in store for that market next.
And, as seen in the chart below, it hasn't been a great year for iron ore, or for the Fortescue share price for that matter.
Most of the issue has centred around demand and supply for the product, as it typically does. However, this time, there's a little more at play.
"Prices for iron ore cargoes…bottomed around US$110 per tonne, not fat from a seven-month low of US$100 amid lingering worries about a potential global recession, China's property crisis, steel production cuts, and recently US-China tensions over Taiwan," Trading Economics noted.
"Weak global demand will help turn the iron ore market to a significant surplus over the second half of 2022, which, in turn, poses a significant downside risk for prices," it added.
Meanwhile, the majority of brokers covering Fortescue now rate it as a sell, according to Refinitiv Eikon data.
Exactly 11 out of 19 analysts urge to sell Fortescue, whereas 7 brokers say to hold. Just 1 broker, Barclay Pearce Capital advocates to buy the stock.
The consensus price target from this list is $16.57, suggesting there could be more downside to come for Fortescue if the brokers have it right.
Meanwhile, time will tell in which direction the Fortescue share price will head next. It is down 15% in the past 12 months.
