Following two days of heavy selling, Rio Tinto Ltd (ASX: RIO) shares are charging higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) iron ore miner closed down 3.6% yesterday, trading for $108.40. In early afternoon trade on Friday, shares are up 2.4%, changing hands for $110.95 apiece.
This sees Rio Tinto shares handily outpacing the 1.3% gains posted by the ASX 200 at this same time.
Its major rivals are also outperforming.
The Fortescue Metals Group Ltd (ASX: FMG) share price is up 4.0% to $17.48, while BHP Group Ltd (ASX: BHP) shares are up 2.4% to $40.14 apiece.
Today's outperformance comes despite the iron ore price sliding again overnight to trade for just over US$95 per tonne. In early May that same tonne was worth US$120. And at the beginning of 2024 iron ore was trading for US$144 per tonne.
Indeed, the big year to date decline now sees the industrial metal trading at its lowest levels since November 2022.
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