The Fortescue Metals Group Limited (ASX: FMG) share price is down 6.7% to $7.58 this morning despite the Pilbara-based iron ore miner not releasing any specific news to the market.
Fortescue stock is probably being dragged lower on the back of a weaker-than-expected result out of iron ore and base metals mining giant Rio Tinto Limited (ASX: RIO) overnight.
For the record Rio reported a half year profit of US$4.13 billion and will hand out US$5 billion in dividends to shareholders thanks to a bumper year for iron ore prices.
For the quarter ending June 30, 2019 Fortescue just reported record quarterly iron ore shipments of 46.6 million tonnes at an average revenue received of US$92 per dry wet metric tonne, which compares to just US$71 per dmt in the prior quarter.
Today's share price falls are also related to U.S. President Trump tweeting that he's going to impose additional trade tariffs on China from September 1, 2019.
Despite the ballooning trade war Fortescue shares are still up 129% over the past year.
