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Why ASX iron ore stocks like the Fortescue (ASX:FMG) share price are surging today




ASX iron ore stocks are on fire today and we can thank their Brazilian counterpart for this.

The Fortescue Metals Group Limited (ASX: FMG) share price surged 11.7% to a record high of $20.36 and is the best performing stock on the S&P/ASX 200 Index (Index:^AXJO) at the time of writing.

The BHP Group Ltd (ASX: BHP) share price and Rio Tinto Limited (ASX: RIO) share price aren’t far behind. They both gained more than 4% each!

ASX iron ore stocks benefiting from Vale’s downgrade

A production forecast downgrade by rival Vale SA sparked the bullish optimism. The Brazil-based miner said it will only management to produce between 300 million and 305 million tonnes of iron ore in 2020.

This compares to its earlier forecasts of 310…

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