The Fortescue Metals Group Ltd (ASX: FMG) share price was a strong performer on Tuesday.
The iron ore mining giant's shares ended the day with a gain of almost 3% to $21.95.
This compares favourably to the performance of the ASX 200 index, which rose 0.55% to 7,118.2 points.
This means that Fortescue's shares are now up a sizeable 23% over the last 12 months, as you can see on the chart below.
Image source: Getty Images
Why did the Fortescue share price smash the market today?
Investors were bidding the company's shares higher today despite a slight pullback in iron ore prices overnight.
However, comments out of China during the day may have got investors excited.
According to CNBC, at the opening plenary of the World Economic Forum's Annual Meeting of the New Champions, Chinese Premier Li Qiang said that China was still on track to reach its annual growth target of around 5% in 2023. Li added:
From what we see this year, China's economy shows a clear momentum of rebound and improvement.
This could bode well for iron ore demand from China, which would be great news for Fortescue and fellow mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO).
