Australian mining stocks (ASX:AXMM) have taken a hit this week, dropping as much as 2.2% to reach their lowest level since August 17th.

The stocks have further tumbled nearly 5% over the course of this week, anticipating their biggest weekly decline since March 10th.

If the losses sustain, this would be the fifth steady session drop for the sub-index.

The fallout has been largely due to a slump in iron ore prices which happened following an indication from the U.S.

Federal Reserve that they intend to hike the rates again by year’s end.

Copper prices are also not spared from the downward trend, reaching their lowest in almost four months.

Major industry players such as BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) have experienced significant drops in their share prices by 2.4% and 2.9%, respectively.

Fortescue (ASX:FMG) has also suffered, falling as much as 3%.

As of the latest market closure, the AXMM saw a decline of 3.2% this year against a 0.4% gain in the benchmark index.

Australian mining stocks comprise various industry players involved in the extraction, processing, and marketing of precious minerals and other geological materials.