Reuters reported that if Australian miners are worried about the dramatic decline in iron ore prices, it doesn't show.

At an annual gathering of many of the world's biggest and smallest iron ore producers here the mood is upbeat as if the heftiest one day fall in ore prices since the global financial crisis never happened.

Mr David Flanagan chairman of Atlas Iron Limited said that "Iron ore mining isn't tennis, it's a contact sport. Sometimes it hurts a bit, like you copped it in the stomach. We just get on with it."

Mr Wayne Richards executive chairman of Tawana Resources said that "I'm just not fussed over what's gone on in the market this week. The way I see it, the price was driven down on sentiment, not fundamentals and sentiment will again push the price up."