No Easter joy for plunging iron ore

Iron ore prices have reached new decade lows below $US47 a tonne over the long weekend.

Iron ore prices have reached new decade lows below $US47 a tonne over the Easter weekend. (AAP)

There was no Easter weekend recovery for the iron ore price, which has plunged to new decade lows below $US47 over the Easter weekend.

Spot iron ore prices at the Port of Tianjin fell to $US46.70 a tonne on Monday and $US47.08 on the Qingdao China index.

Prices are half what they were 12 months ago.

Australia's major iron ore miners BHP Billiton and Rio Tinto continue to ramp up production and are flooding the market with Australia's top export despite falling prices and Chinese demand.