Physical iron ore prices dipped further on Tuesday March 20 amid further losses in China's steel and futures markets, though some are expecting a turnaround.
Key driversChina's steel and iron ore futures tanked further in the morning before recovering the losses in the afternoon, though the contracts still ended negatively compared with Monday's settlement prices. Iron ore remained the worst performer, with its benchmark contract shedding 2.4%.The country's rebar and hot-rolled coil markets also experienced decreases of 20-70 yuan ($3-11) per tonne for the day.At Chinese ports, spot iron ore prices fell further during the day - by a seaborne equivalent of about $1.50 per tonne - but a miner's tender for a seaborne cargo was concluded at a price just $0.52 per tonne lower than a similar transaction...