The Fortescue Metals Group Limited (ASX: FMG) share price is having a tough run on the market today.
Fortescue shares are down 3.41% and are currently fetching $20.40 apiece. For perspective, the S&P/ASX 200 (ASX: XJO) is climbing 0.59% today.
Let's take a look at what is going on with Fortescue today.
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Iron ore prices slip
Fortescue is not the only ASX iron ore share in the red today. The BHP Group Ltd (ASX: BHP) share price is slipping 0.75%, while Rio Tinto Ltd (ASX: RIO) shares are descending 1.01%.
Additionally, the S&P/ASX 200 Materials Index (ASX: XMJ) is the market's worst-performing sector today, currently down 0.68%.
Fortescue is a major iron ore producer. The iron ore price fell by nearly 2% to US$110.25 overnight.
The share price of global iron ore giant Vale SA (NYSE: VALE) slipped 4.19% on the New York Stock Exchange and is continuing to drop 0.37% in after-hours trade.
ANZ economist Madeline Dunk said the iron ore price fell after "data showed the property sector remains under duress". In a research note, she said:
Falling demand for homes has seen prices decline for 14 consecutive months. Market conditions also remain weak, with property funding and activity very subdued.
Fortescue shipped 47.5 million tonnes of iron ore in the first quarter of FY23, 4% higher than the prior corresponding quarter.
The company announced in late November that Fiona Hick will join the company in February as the new CEO of the metals group.
Fortescue share price snapshot
The Fortescue share price has climbed 11% in the last year.
Fortescue has a market capitalisation of about $63.2 billion based on the latest share price.
