The Fortescue Metals Group Limited (ASX: FMG) share price was in fine form in November.
After hitting a 52-week low late in October, the iron ore giant's shares are now closing in on a 52-week high.
This led to the Fortescue share price recording an impressive ~32% gain for the month.
As a comparison, the ASX 200 index posted a solid 6.1% gain over the same period.
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Why did the Fortescue share price storm higher?
While there's a lot of hype (and scepticism) around the company's green ambitions, there's no hiding from the fact that it is still very much an iron ore business.
This means that the performance of Fortescue's shares will invariably correlate with the iron ore price. When that rises, its shares will rise. And vice versa when the steel making ingredient falls.
In light of this, it will come as no surprise to learn that the iron ore price had a particularly strong month. After starting the period around US$80 per tonne, the benchmark iron ore price rose beyond US$100 a tonne late in the month.
This was driven by a combination of a softer US dollar and optimism that Chinese demand could increase thanks to the potential easing of COVID restrictions and the government ramping up support for struggling property developers.
Bearish brokers
Impressively, the Fortescue share price recorded its strong gain in November despite a large number of brokers continuing to rate the miner as a sell.
In fact, analysts at Bell Potter, Citi, Goldman Sachs, Macquarie, Morgan Stanley, Morgans, and UBS all have the equivalent of sell ratings with price targets implying potential downside ranging from 16% to 30% over the next 12 months.
It is also worth noting that this bearish sentiment hasn't put off investors in December. They have continued to buy the miner's shares today, driving the Fortescue share price a further 3% higher.
