Business
Fortescue (ASX:FMG) shares tumble despite bringing forward carbon neutrality target
The Fortescue Metals Group Limited (ASX: FMG) share price is sinking on Monday morning.
At the time of writing, the iron ore producer’s shares are down 4% to $20.40.
Why is the Fortescue share price sinking today?
Investors have been selling Fortescue shares this morning after a decline in the spot iron ore price offset a positive announcement.
According to CommSec, the benchmark iron ore price fell by US$5.35 a tonne or 3.1% to US$165.70 a tonne on Friday night. This meant that over the week, the iron ore price fell by a total of US$8.95 or 5.1%.
The steel-making ingredient came under pressure last week when Chinese…
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