The iron ore price has pulled back from a recent rally, after last week nudging $US120 a tonne.

Benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US116.90 a tonne, a decrease on the $US119.10 price in the previous session.

Last week, the price hit as high as $US119.40 a tonne, its highest point since since February 24, when it traded at $US119.9 a tonne.

The slight pullback follows a week of mixed data out of China, where growth in car sales slowed sharply in March and Chinese Premier Li Keqiang poured cold water over investor expectations that Beijing will unleash stimulus measures to boost its slowing economy.

Elsewhere, China's trade surplus expanded more than expected in March, despite a slide in both exports and imports.

This week, all eyes will be on China's first quarter trade balance, while retail sales and industrial production figures for March will also be released.