Physical iron ore prices fell below the $70-per-tonne-cfr mark on Friday March 9 amid persistent losses in China's steel and futures markets.
Key driversChina's ferrous futures recorded across-the-board losses for a third day. The benchmark iron ore contract continued to be the worst performer, with a 5.2% decline in comparison with the settlement price on Thursday. The contract closed at a 3.5-month low.The country's spot rebar and hot-rolled coil prices also fell by 30-80 yuan ($4.70-12.60) per tonne during the day.Iron ore transactions reported out of Chinese ports have already fallen below a seaborne equivalent price of $68 per tonne cfr China, while the April iron ore swaps contract on the Singapore Exchange also fell close to that level before recovering above...