Iron ore has continued its losing streak, down to a new five-year low overnight.
Benchmark iron ore for immediate delivery to the port of Tianjin in China last traded at $US62.70 a tonne, down a modest 0.2 per cent.
The commodity has now dropped more than 12 per cent of its value since January 1.
In 2014 iron ore suffered a 47 per cent price decline.
The falling price of the Australian dollar is set to help ease some of the pain for miners.
However with iron ore this low, it is understood most junior companies are operating at a loss.
Billion dollar impairments have already been flagged by Citi, Airrum and Mount Gibson, with more to expected to come.
The crash in price comes amid sluggish demand out of China and an increase in supply by majors BHP Billiton, Rio Tinto and Vale.
The three have embarked on multi-billion dollar expansions which are expected to result in a supply overhang until at least 2018.