Iron ore prices surged to record levels in May on the back of rising demand for the steelmaking ingredient in China following a government stimulus to offset the impact of the pandemic. Supply disruptions from Brazil also helped keep prices above $US200 a tonne for months. Prices have since eased but the commodity is still trading at $US159 a tonne in the spot market. Like its larger mining peers, Fortescue used the opportunity to shower rewards for shareholders in a bumper year.