The Fortescue Metals Group Limited (ASX: FMG) share price is heading north today.
This is despite the iron ore mining outfit not releasing any price-sensitive announcements to the ASX.
At the time of writing, Fortescue shares are swapping hands at $18.24, up 2.3%.
Let's take a look at what's happened lately.
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Iron ore prices stage a rebound
After falling more than 20% in the past month, iron ore prices have hit support to trade slightly above the psychological US$100 barrier.
According to the Australian Financial Review, the steel-making ingredient is fetching US$104.55 per metric tonne. This represents a gain of around 5.9% from Friday's close.
Previously, iron ore touched new year-to-date lows after China established a $6 billion nationalised iron-ore company to curb sky-high prices.
The China Mineral Resources Group is expected to become the sole channel for buying imported iron ore from third parties. This includes the big three miners from Australia as well as Vale from Brazil.
Asserting some control over the market would place China in a stronger position to dictate a fairer price for iron ore.
Ultimately, this dragged down investor sentiment, which led to selling pressure for the steel-making ingredient.
Nonetheless, Fortescue shares are making a run today on the back of the latest price ascent. It appears the price of iron ore has found a floor for now ahead of the crucial United States Federal Reserve interest rate decision on Wednesday.
Other shares in miners such BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are up 1.28% and 0.94%, respectively.
For context, the S&P/ASX 200 Resources (ASX: XJR) is in the green by 0.63% to 5,009.4 points.
It's also worth noting that Rio Tinto's results will also be out on Wednesday, which could have a flow-on effect on Fortescue's shares.
Fortescue share price snapshot
A volatile 12 months brought on by COVID-19 and falling iron ore prices has led Fortescue shares to tumble 30%.
Although year to date has been slightly better, despite the current external market challenges, down 7%.
Based on today's price, Fortescue presides a market capitalisation of approximately $54.9 billion.
