The Fortescue Ltd (ASX: FMG) share price is having another positive session.
At the time of writing, the iron ore miner's shares are up almost 2% to $26.38.
This means the miner's shares are now up 28% this year and have just hit a record high.
Why has the Fortescue share price hit a record high?
This mining giant's shares have hit a record high despite the plethora of bearish broker ratings thanks to strong iron ore prices.
This has also given rivals BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares a boost recently, with the latter trading a fraction off its 52-week high.
These strong prices for the steel-making ingredient have been underpinned by demand in China after its government announced a series of measures to support its property market, which is a large consumer of steel.
In addition, at the end of last week, Anglo American (LON: AAL) revealed that its group production is now expected to decrease by ~4% in 2024. It also pulled back on its medium-term iron ore output targets from the Kumba Iron Ore operation, meaning there will be less iron ore on the market over the next three years than was expected just a few days ago.
This could bode well for the Fortescue share price in the near time. Just as long as its decarbonisation dreams don't spoil the party like analysts are predicting.
