Iron ore spot prices for 62% Fe material hovered around the $64-65-per-tonne mark in the first half of June.
As share prices tumbled and the steel market became increasingly under pressure, iron ore prices followed suit.
Since the beginning of July, the market was gripped by the most dramatic drops.
The Metal Bulletin index for 62% Fe material fell from $59.20 per tonne cfr Qingdao on Wednesday July 1 to its lowest ever level of $44.59 per tonne cfr on Wednesday July 8, a week-on-week drop of 25%.
The Shanghai Composite Index has slumped by more than 30% since mid-June, its biggest three-week decline in over two decades.