Iron ore futures in Singapore dropped 7.2% to US$93.05 a tonne, Bloomberg reported.
"Copper, nickel and aluminium fell alongside iron ore on Tuesday as concerns about China's property market intensified," Anna Stablum said from Marex's LME Desk (Singapore).
"Four developers defaulted last month as a spike in borrowing costs makes it almost impossible to refinance maturing debt."
Copper closed 2.23% lower on the London Metal Exchange to $9,770.50/t.
In the US, stock indexes closed at fresh highs as the positive earnings season continues, with the S&P 500 up 0.37% to 4,630.65.
Copper producer Antofagasta fell 5.46% in London, while Freeport-McMoRan closed up 0.57% in New York.
Finally, gold softened to $1,784 an ounce on the spot market as investors await news from the US Federal Reserve's FOMC meeting which wraps up later today.