Iron ore delivered into China fell 8.3% on Monday after Beijing reported weak export data over the weekend.
China is one of the biggest consumers of the commodity and there are concerns a slowdown in its economy may hurt demand and impact miners' profits.
Shares of BHP Billiton, Rio Tinto and Glencore Xstrata all fell.
Rio Tinto shares ended the day down by 5.7%, while BHP Billiton fell more than 4% on the Australian Securities Exchange.
Fortescue Metals tumbled nearly 10% in Sydney on Monday.
Mining stocks listed in London were also hurt, with Anglo American, Antofagasta and Glencore Xstrata all down by more than 2%.
Recent demand for minerals like iron ore and copper has been driven in part by China's export boom, as well as government-led infrastructure spending.
That has seen miners become increasingly dependent on China for growth.
However, over the weekend, China reported a surprise 18.1% fall in exports for February, compared to the same month last year.
A fall in China's steel futures also hurt mining shares because iron ore is a key ingredient in steel manufacture.
Fears of slowing demand from China have added to slides in other commodity prices, like that of copper, which has dropped to its lowest level in more than seven months.
China is the biggest buyer of the metal, which is used in electronics production and other manufacturing industries.
"Any poor news from China is always going to hit short-term market sentiment, especially in the mining sector, and fears of slower growth will hit base metals," said Steven Mayne, director at IPR Capital.

Princess Road and Princess Parkway in Manchester will be lowered from 40mph to 30mph for an 18-month trial after a proposal was approved by councillors.
There have been two deaths and 84 crashes over the past three years.
A friend of Ian O'Mara, who died when he was hit by a coach on a pelican crossing in 2015, helped set up a petition to change the speed limit.
A coach driver who hit the dog walker in Princess Road was given a suspended sentence after admitting causing death by careless driving.
The change to the speed limit was passed by Manchester City Council on Wednesday, although a date for when it comes into force is yet to be confirmed.
Princess Parkway merges into Princess Road and stretches 3.7 miles (6km).
Campaigner Sam MacWilliam, from Chorlton, said: "The road is very important for people coming into the city, but they need to understand that they are coming off the motorway and into an area where people live.
"There are schools and churches here."

About 5,500 homes and businesses remain without power on Wednesday evening.
The places worst affected by the storm are Wicklow, New Ross, Athlone, and Inistioge in County Kilkenny, according to Irish state broadcaster, RT??.
In Midleton, County Cork, the Irish Army helped to evacuate about 12 family homes after a river overflowed. Several people were also rescued from cars.
They included a woman and two children who were rescued from a car in Glanmire, County Cork.
The main road from Cork to Kerry, the N20, remains badly flooded in places.
The storm also led to rail service disruption in some areas, especially around Cork, where passengers were bussed between Tralee and Killarney and Mallow due to subsidence along the rail track.
Some sailings by Stena Line and Irish Ferries have been cancelled but sailings of P&O Ferries are running to schedule.
Environment Minister Alan Kelly and Office of Public Works Minister Simon Harris visited Athlone on Wednesday afternoon, where Storm Frank has caused extensive flooding, adding to the problems caused by Storms Desmond and Eva.
Mr Harris said Irish Prime Minister (Taoiseach) Enda Kenny would be visiting more places affected by the flooding in the coming days and the flooding issue would be first on the agenda at Tuesday's cabinet meeting.
Shares in some of the world's biggest mining companies have been hit by a slump in the price of iron ore, amid fears of a slowdown in China's economy.
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The speed limit on a major route into a city has been reduced following a campaign launched after a man's death.
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Storm Frank has caused flooding and disruption to travel and electricity supplies in the Republic of Ireland.