** Australian mining sub-index .AXMM down as much as 1.7%, hits its lowest level since October 28
** Sub-index tracks weaker iron ore prices weighed down by declining steel production in China and rising port inventories IRONORE/
** Sub-index majors Rio Tinto RIO.AX and BHP BHP.AX fall 2.6% and 1.7%, respectively
** YTD, sub-index up 24.3%, including the day's moves
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))
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