At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US68.00 a tonne, down 0.9 per cent from its previous close of $US68.60 a tonne and extending a five-year low.

The commodity is on track for four straight weeks of declines after an October rally saw the commodity climb back above $US81 a tonne.

Prices are so far off 50 per cent for the year, with last night’s weakness placing iron ore on track to round off the year with its fourth straight quarterly decline of 10 per cent or more. It is currently down 9.9 per cent for the quarter.

The losses have been driven by a rapid expansion push from leading miners BHP Billiton, Rio Tinto, Vale and Fortescue Metals Group during a period of stabilising demand from China.

The UK-listed stock of BHP and Rio Tinto lifted by over 0.5 per cent in London trade despite the latest selling pressure on the key commodity.

The two Australian mining giants may now be the only two iron ore miners in the country turning a profit at current prices.