The marginal rebound came on the back of news late on Friday that the People’s Bank of China would cut interest rates for the first time in two years.

At the end of the offshore session overnight, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US70 a tonne, up 0.3 per cent from its previous close of $US69.80 a tonne, a five-and-a-half-year low.

The lack of any meaningful bounce in the price of the commodity weighed on the UK-listed stock of BHP Billiton and Rio Tinto overnight, with the two mining giants giving up over 2 per cent as investors pared expectations for a short-term recovery.

Iron ore miners, which have copped significant punishment on markets this year, will be hoping the return to $US70 can mark a floor, with this level touted by ANZ analysts just a fortnight ago as a potential base for the commodity to stage a minor revival.

As it stands, iron ore is still trading at levels almost 50 per cent below the $US135 mark seen at the start of the year.