Fortescue Ltd (ASX:FMG) Share Price Today, 28 November 2025 – Flat Trade as Market Weighs Iron Ore Prices, Legal Costs and Green Energy Pivot

Fortescue Ltd (ASX:FMG) spent Friday trading essentially sideways, as investors balanced steady iron ore operations and rich dividends against softer commodity prices, restructuring of its green hydrogen ambitions and fresh headlines about legal and reputational risk.

As of the close on 28 November 2025, Fortescue shares finished around A$21.29, with an intraday range of roughly A$21.18–A$21.46 and volume of about 1.44 million shares, according to Yahoo Finance daily data. That is fractionally lower (about -0.05%) than Thursday’s close of A$21.30, effectively a flat session. ^[1]

Despite today’s muted move, Fortescue has climbed roughly 4% over the week from about A$20.44 on 24 November, continuing a short-term rebound from earlier in the month. ^[2]

Macrotrends data puts Fortescue’s market capitalisation (via its US ADR FSUGY) at around US$43.2 billion as of 28 November 2025, underlining its role as one of the ASX’s heavyweight resource names. ^[3]

What’s new on 28 November 2025?

Pure Fortescue-specific headlines dated today are relatively sparse, but several fresh data points and news hooks are relevant for FMG shareholders:

Market cap snapshot: Macrotrends updated Fortescue’s net worth (market cap) to US$43.21 billion as of 28 November 2025. ^[4]
Sustainable finance spotlight: Reuters’ sustainable finance coverage today again features Fortescue’s 14.2 billion yuan (~US$1.98 billion) loan from Chinese banks to accelerate decarbonisation projects – a deal originally announced in August but now framed in the context of global green-finance flows. ^[5]
WA policy backdrop: A WA government roundtable on protecting the state’s GST share, held this week and reported today, included Fortescue among the major corporate participants, highlighting the company’s ongoing political and fiscal influence in its home state. ^[6]
ASX tone today: Broader ASX commentary points to a softer tone in local equities on Friday, with a “holiday pause” in global markets and slightly weaker commodities tempering gains in recent sessions. ^[7]

In other words: today’s move in the Fortescue share price is quiet, but it sits on top of a very loud year for iron ore, dividends, green hydrogen strategy and legal battles.

Price snapshot: Fortescue vs iron ore and the ASX 200

Fortescue remains first and foremost an iron ore machine. Iron ore spot prices around US$103–105 per tonne in late November, down from 2024 peaks above US$120, have cooled revenue momentum but remain comfortably profitable for a low-cost producer like Fortescue. ^[8]

On the ASX 200, materials names have been buffeted by that iron ore drift. Stockhead’s market wrap today notes that a minor dip in iron ore prices to about US$103.20 a tonne knocked the materials sector slightly lower, even as other pockets of the market held up. ^[9]

Technical and market scan pieces over the past week have repeatedly flagged Fortescue as one of the key stocks to watch in ASX mining scans, with traders eyeing a potential breakout after its recent rebound. ^[10]

So the picture for 28 November is:

Price: ~A$21.29, essentially unchanged day-on-day. ^[11]
Short-term trend: Up a few percent over the week, still below highs seen earlier in 2025. ^[12]
Macro backdrop: Iron ore has stabilised in the low US$100s after a ~20–25% slide earlier in the year, which has compressed margins compared with late 2024 but remains supportive for cash generation. ^[13]

Big recent catalyst: BlackRock’s 5% stake and the “dividend plus decarbonisation” story

One of the most market-moving developments investors are still digesting this week is BlackRock emerging as a substantial shareholder.

ASX disclosure data compiled by MarketIndex shows that the BlackRock group acquired about 154.5 million Fortescue shares, taking its holding to roughly 5.01% as of 24 November 2025. ^[14]

A detailed TechStock² piece yesterday (27 November) framed Fortescue’s story for investors around three pillars: TechStock²

Big passive and ESG capital coming in – BlackRock’s stake underlines continued institutional appetite for high-yield, transition-aligned miners.
“Green metal” push – Fortescue’s efforts to decarbonise its own operations and move further down the steel value chain with green iron and green hydrogen. ^[15]
Dividend focus – the company continuing to lean on hefty cash returns as a key part of the investment case.

On the dividend front, Fortescue remains a yield play:

It paid A$1.10 per share in dividends in FY25, implying a yield of roughly 5–6% at current prices, depending on your reference date. ^[16]
UBS projections quoted this month suggest dividends remaining robust out to at least FY26, albeit not at the extraordinary levels seen during the absolute peak of the iron ore boom. ^[17]

For income-oriented investors, that combination of strong yield and an increasingly “green” narrative is exactly the sort of thing big global funds like BlackRock like to package into climate-aware portfolios.

Operations: record shipments but profit pressure

Operationally, Fortescue has spent 2025 proving that volume still matters:

The company reported record FY25 shipments of about 198.4 million tonnes, with EBITDA of US$7.9 billion and net profit after tax of US$3.4 billion, even as weaker prices drove its smallest profit in six years. ^[18]
In the first quarter of FY26 (reported in October), Fortescue shipped 49.7 million tonnes of iron ore, another record quarter, with lower unit costs and higher mined and processed ore compared with the prior year. ^[19]

In plain English: the company is pumping out more ore than ever and keeping costs under tight control, but the revenue per tonne is lower than in the 2021–2022 boom. That’s exactly why the market keeps one eye glued to the iron ore chart and the other on Fortescue’s capital allocation decisions.

Strategy reset: cancelled hydrogen projects, new green funding

2025 has also been the year Fortescue finally put boundaries around its green ambitions.

Key developments:

In July, Fortescue cancelled two major green hydrogen projects – the Phoenix hydrogen hub in Arizona and the PEM50 project in Gladstone, Queensland – citing shifting policy, economics and a strategic rethink. ^[20]
The company agreed to repay public funds tied to the Gladstone hydrogen project after abandoning it, drawing scrutiny over its earlier hype around mega-scale hydrogen ventures. ^[21]
In August, it announced a 14.2 billion yuan (~US$1.98 billion) loan from Bank of China and ICBC, explicitly earmarked to accelerate decarbonisation of existing operations rather than speculative green mega-projects. ^[22]

Recent analysis pieces argue this marks a pivot from “green everything, everywhere” to a more focused approach:

Fortescue wants to decarbonise its iron ore business profitably by 2030, while selectively advancing projects like green iron production that have clearer line-of-sight to demand and margins. ^[23]

For the share price, this matters because it reduces the risk of large, low-return capex blowouts and refocuses the narrative on cash generation and disciplined growth.

Legal overhang: the Element Zero case fizzles, but not for free

Another storyline hanging over Fortescue this year has been its bruising legal fight with Element Zero, a green-iron rival founded by former Fortescue executives.

Coverage in The Australian and other business press this week describes how Fortescue’s 20-month case ended without any findings of wrongdoing against the three ex-executives, despite aggressive legal tactics that included raids and private surveillance targeting not just them but their families. ^[24]

Key takeaways from that reporting:

Fortescue seized and reviewed millions of documents but failed to convince the court that Element Zero had stolen intellectual property. ^[25]
The judge ordered the return or destruction of materials obtained, and both sides were left with substantial legal costs. ^[26]

From a shareholder perspective, the case looks like:

No clear IP win, so no boost to Fortescue’s green-iron moat.
Real cash costs and reputational questions about the company’s approach to competition and surveillance.

The market hasn’t treated this as a disaster, but it likely contributes to some valuation scepticism when combined with softer iron ore prices and the hydrogen project cancellations.

Fundamentals in focus: value or value trap?

Analysts and commentators are split on Fortescue’s valuation in late 2025.

Rask Media noted back in June that Fortescue shares were down nearly 18% year-to-date at that point, raising the question of whether the stock had become cheap or whether the market was correctly pricing in a lower iron ore era. ^[27]
Brokers tracked by FNArena, including Citi, have flagged downside risk to iron ore prices into the second half of 2025, with one target price recently lifted to A$18.40 but still paired with a short-term “neutral” stance. ^[28]

At the same time, dividend and valuation sites highlight that:

Fortescue’s trailing yield around 5%+ remains attractive relative to the market. ^[29]
The stock still trades at a modest earnings multiple versus its own history and versus some global peers, assuming iron ore stays near current levels. ^[30]

Short-term trading models and forecast services, such as StockInvest and WalletInvestor, currently see Fortescue trading in the middle of an upward-sloping trend channel, with “fair” prices for today clustered around the A$21.3 level – very close to where the shares actually closed. ^[31]

So for 28 November 2025, the market’s verdict seems to be:

“This is not broken, not booming, but fairly priced for a high-yield iron ore player that is still figuring out its green growth strategy.”

What to watch next for FMG shareholders

Looking beyond today’s flat tape, several catalysts will matter more for Fortescue’s share price than a single day’s tick:

Iron ore prices into 2026
- Further declines toward the US$80–90/t range would put more pressure on margins and dividends.
- A surprise rebound, perhaps driven by Chinese stimulus or supply disruptions, would quickly feed into stronger cash flows. ^[32]
Execution on “green but disciplined” strategy
- Investors will look for evidence that Fortescue can decarbonise its fleet and operations on budget while progressing higher-value green iron projects without repeating the over-reach of some hydrogen ventures. ^[33]
Capital allocation and dividend policy
- After record shipments but lower profits, the key question is whether Fortescue keeps prioritising high payout ratios, or retains more cash to fund green capex and reduce reliance on debt like the recent yuan loan. ^[34]
Regulatory and political backdrop
- Participation in GST and policy roundtables, as reported today, shows Fortescue’s leadership will continue to play a role in shaping WA’s fiscal environment, which can affect infrastructure, royalties and long-term operating conditions. ^[35]
Reputational repair after the Element Zero case
- How management talks about innovation, IP protection and competition in upcoming presentations will signal whether the company has internalised any lessons from its costly legal misadventure. ^[36]

Bottom line for 28 November 2025

Fortescue’s share price today is quiet, but not dull:

The stock is flat on the day, up over the week, and still living in that uncomfortable zone where juicy dividends and operational excellence collide with macro headwinds and strategic growing pains. ^[37]

Timing Your Trades Right: Fortescue & Iron Ore Connection #investing #trading