The price of iron ore has edged lower in offshore trade as investors weigh signs of strong Chinese demand against ongoing worries about the world's second largest economy.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US55.90 a tonne, down 0.7 per cent from $US56.30 a tonne in the prior session.

The commodity has stabilised after a sudden dip to a six-year low of $US44.10 a tonne in July, with investors welcoming reports of rising demand from Chinese steel mills that were reinforced by trade data released over the weekend.

The official Beijing numbers showed a near 15 per cent jump in iron ore imports, with analysts suggesting the jump was tied to restocking after stockpiles sunk to multi-year lows.

There has also been talk a likely curb on steel mills later this month has seen production temporarily rise.

The iron ore market has been fairly quiet in August after a volatile July, but the potential for a disruption to steel supply as well as growing concerns around the Chinese economy linked to a shock yuan devaluation on Tuesday could see turbulence rise in the next few weeks.

Iron ore was among the better-performed commodities overnight amid a rout that dragged oil, copper and aluminium to six-year lows.

The stock prices of miners were hit hard, with dual-listed BHP Billiton and Rio Tinto tumbling 5 per cent and 3.1 per cent, respectively, in London trade.