UPDATE 2.45pm: Shares in Australia's big miners came under selling pressure again today as the iron ore price continued to slide lower below the psychologically-significant $US100 a tonne mark.
Benchmark prices for iron-ore delivered to the Chinese port of Tianjin fell one per cent overnight to $97.50 a dry ton, the lowest since 2012.
Fortescue Metals Group copped the worst of the investor panic, with its shares closing down 11 cents, or 2.42 per cent, at $4.43.
Rio Tinto shares closed down 65 cents, or 1.08 per cent, at $59.40 and BHP Billiton shares gave up 28 cents, or 0.75 per cent, at $37.17.
Second tier iron ore miners Atlas Iron and Mt Gibson Iron also bore losses with the former down two cents, or 2.69 per cent, at 72.5 cents and the latter off half a cent, or 0.67 per cent, to 74 cents.
The iron ore price has slumped in recent days on oversupply concerns combined with fears of a continuing slowdown in China, the world's biggest market for the commodity.