** 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))