The price of iron ore has extended its recent losses in overnight trade, yielding ground for the sixth session out of the last seven.

At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US62.30 a tonne, down 0.8 per cent from its previous close of $US62.80 a tonne.

The commodity is now less than 2 per cent above the five-and-a-half-year low of $US61.10 a tonne set in February and in danger of an imminent move below $US60. Should it breach that barrier it will be the first time since 2009.

Investors are still coming to grips with the likely impact of the latest rate cut from the People's Bank of China, but the longer traders think about the move, the more sceptical they seem to become.

News of the 25 basis point cut to benchmark rates was tipped to aid commodity prices, but iron ore has fallen 0.3 per cent and 0.8 per cent in the following days.

The development has seemingly been overshadowed by mixed data out of the world's largest consumer of iron ore, with investors worried about the likely impact on the start of the construction season in China. Should demand prove soft during this upcoming period, the prospects of any near-term rebound appear slim.

Most analysts still predict the commodity to trade in the range of $US60-$US65 a tonne for the duration of 2015, which is where it has lingered for several weeks.