The Fortescue Metals Group Limited (ASX: FMG) share price is back in investor sights on Friday. This renewed attention comes after iron ore prices rebounded above US$90 per tonne overnight. Specifically, the steelmaking commodity’s futures increased by more than 5%.
At the time of writing, shares in the iron ore producer are up 4.79% to $16.19. Yet, the Fortescue share price is still nearly 40% below its 52-week high of $26.58.
The reason behind the rally has been attributed to articles published by the media in China outlining ways to manage the Evergrande saga. As a result, sentiment is now more positive that China will do what it can to avoid a collapse of the local real estate development sector.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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