The price of iron ore has lost ground in offshore trade, bringing to an end a three-session winning streak though scarcely threatening the positive trend seen over recent weeks.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US60.00 a tonne, down 0.2 per cent from its prior close of $US60.10 a tonne.

The red session was just the third in the last 15 as a rally based on Chinese stimulus, rising oil prices, a softening US dollar and signs of supply cutbacks has driven the commodity almost 30 per cent above the 10-year low of $US46.70 a tonne reached last month.

The marginal fall is a sign of the market taking a breather before deciding on its next direction and coincides with a rally in the US dollar and a drop in the prices of other commodities, including oil and copper.

It also followed comments from Rio Tinto boss Sam Walsh that indicated the world’s second largest iron ore producer had no intention of slowing its expansion despite the likelihood of further “bumps” in pricing.

However, Mr Walsh did indicate that supply was starting to come out of the market, a positive sign for the commodity finding a floor price.

“The global iron ore market is in a period of transition, with high-cost and in some cases late-entrant supply, being supplanted by low-cost producers,” he told shareholders at the firm’s annual general meeting on Thursday.

“We have already seen the winding back of iron ore supply from Chinese producers, on top of production cuts from high-cost seaborne suppliers.”

Rio has come under fire from several players in the sector for its production strategy, with Glencore boss Ivan Glasenberg — who last year made a failed bid for Rio — firing another broadside at the group overnight.

“I’m doing my level best to convince my competitors that we should understand demand and supply,” Mr Glasenberg said.