At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at a six-year trough of $US58.00 a tonne, down 0.3 per cent from its previous close of $US58.20 a tonne.

Over the past 11 trading days iron ore has sunk 11 per cent, with much of the fall coming during an unbroken streak of six red sessions that was punctuated by a 4.5 per cent slump last Thursday.

Despite the falls, most analysts are still tipping the commodity to average $US60-$US65 a tonne through the rest of 2015 and into 2016 as supply likely reaches a peak in the next 12 months.

In a research note this week, Sanford Bernstein analyst Paul Gait said he expects a recovery to the $US70s as Chinese supply falls, but warned the price could test $US50 before a rebound is seen.

“Iron ore may actually recover to the mid-$70s as demand recovers on the back of stimulus and faster closures of domestic supply (in China),” he wrote, according to Bloomberg.

“If I am wrong on this, the price could test $50 at the bottom.”

Similar sentiments on the oversupply were detailed by the nation’s largest iron ore producer Rio Tinto on Friday.

“The continued ramp-up of committed supply is expected to once again exceed the growth in iron ore demand in 2015,” the miner said in a strategic report.

“However, with further exits of high-cost producers anticipated, the market will be more in balance.”

The recent weakness on iron ore markets has hit locally-listed miners hard, with stock in BC Iron, Fortescue Metals Group, Atlas Iron and Mt Gibson Iron trading near the lowest levels reached since the depths of the financial crisis.

Meanwhile, London-listed stock of mining giants BHP Billiton and Rio fell marginally overnight, but outperformed a 0.5 per cent loss on the broader FTSE 100 index.