The iron ore price has dropped to its lowest point in three weeks, pulling back from a rally that looked set to push the commodity above $US100 a tonne for the first time since May.

Benchmark iron ore for immediate delivery to the port of Tianjin in China is trading at $US94.50 a tonne, down from $US95.40 in the previous session.

The commodity price is now at its lowest point since July 2 when it traded at $US94.20.

The recent decline comes after the iron ore price dropped to as low as $US89 a tonne in June. So far this year it has lost more than 30 per cent.

The falling iron ore price has been a central focus of quarterly production reports in recent weeks, but yesterday mining giant BHP unveiled record numbers despite noting the average iron ore price it received in 2013-14 was $US103 a tonne, down from $US110 the year prior.