Seaborne iron ore prices plummeted as China's steel market faced challenges from short selling. The Kallanish KORE 62% Fe index and the KORE 65% Fe index saw declines on Tuesday, with the KORE 58% Fe index also slumping. Reports indicate sales of PB Fines, BRBF Fines, and Mac Fines at varying prices. On commodity exchanges, iron ore contracts witnessed decreases, with the Dalian Commodity Exchange and Singapore Exchange showing declines in iron ore futures prices. Scrap prices and billet values also reported losses. Chinese steel mills showed a slowdown in production cuts in mid-March, leading to a build-up in steel inventory. Concerns persist over weak actual demand and increased activity from short-sellers in the futures market, while imported iron ore inventories at major Chinese ports have been on the rise.