The price of iron ore has held above $US55 a tonne despite a rout on global markets on Friday driven by concerns of a China slowdown.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US55.60 a tonne, in line with its prior session.

The commodity has failed to see a positive session in the past six, but remains within $US1 of a one-month high as it enjoys a much more stable period than most other commodities.

It has traded within a $US2 range for almost three weeks.

The coming fortnight could be a test given signs of weakness in the world's second largest economy as well as news Chinese steel mills have shuttered as Beijing looks to temporarily reduce air pollution in the capital for two major events.