Why is the Fortescue share price tanking 7% this week?
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The Fortescue Ltd (ASX: FMG) share price has fallen more than 7% over the past two days amid disappointment over China’s latest stimulus announcement.
The Fortescue share price is currently sitting at $18.11, down 0.06% on Tuesday and down 7.37% since Friday’s close.
Other ASX iron ore shares are also lower this week.
The BHP Group Ltd (ASX: BHP) share price is down 5.78% since Friday’s close. Rio Tinto Ltd (ASX: RIO) shares are down 4.84% and Champion Iron Ltd (ASX: CIA) shares are down 9.44%.
The falls come amid the iron ore price slipping 1.33% to US$103.82 per tonne overnight.
Why is the Fortescue share price weak?
On Friday, China announced a 10 trillion yuan debt package to help its local…
