As a result of China cutting back on iron ore production as a means of reducing pollution, the iron and steel sectors have both been walloped. Iron ore prices have collapsed about 60% since a record in May. And in less than two months, three of the world's largest ore miners, Rio Tinto, BHP and Vale have lost roughly $110 billion in market value. But if you’ve been sniffing around the ore space waiting for the right time to get in, this could be it.