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.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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