Australian miners are seeing a significant drop, as much as 1.7%, marking their largest intraday percentage loss since September 7.

This could potentially result in a loss for the sub-index for the third consecutive session, assuming the prevailing trend holds.

Falling iron ore prices, exacerbated by an increase in domestic supply and ongoing demand concerns, particularly from the struggling property sector, have soured investor sentiment.

Copper prices have also seen a downturn as inventories build and market players exhibit caution ahead of a forthcoming US Federal Reserve policy meeting.

Among the major players, both Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) experienced a slump, with declines of 1.5% and 1.9% respectively, setting both for their largest downward shifts in two weeks.

Iron ore giant Fortescue Metals Group (ASX:FMG) also took a hit, with a drop of 1.6%.

As of the most recent closing, the sub-index has seen a 0.7% decrease this year.

The Australian miners are major contributors to the economy with a focus on the extraction of precious and base metals.