Prime Minister Tony Abbott has vowed not to interfere with the iron ore market despite pushing ahead with plans to hold a controversial parliamentary inquiry into the sector.

The plans have not only split the mining community but appear to be dividing Mr Abbott's own party, with Fairfax Media being told that several members of the cabinet, including Trade Minister Andrew Robb and Industry Minister Ian Macfarlane, have concerns about such an inquiry going ahead because of the signal it could send to the market.

The matter has not yet been discussed by the federal cabinet and Fairfax Media has confirmed several ministers are likely to flag concerns about the direction and scope of the probe.

Treasurer Joe Hockey cautioned on Sunday that no final decision on whether to push ahead with the inquiry, which he has been discussing with independent senator Nick Xenophon, has been taken.