Column: China’s strong iron ore imports contrast with weak steel output

One measure under consideration is a trilateral arrangement through which the Philippines would supply raw nickel material, the US would provide financing, and a third country would offer the technology required for smelting and refining.

Tietto, which is Australian listed and headquartered, produces gold from its Abujar project in Ivory Coast.

Tianqi Lithium founder Jiang Weiping has resigned as chairman after the battery material producer reported its biggest ever quarterly loss.

"This is not good news for China given the heavy reliance on external supply, and Chinese companies hold limited resources," one analyst said.

Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand conditions in China.

Outlook for the ferrous sector is neutral to slightly bullish due to China's latest move to boost infrastructure spending.

Zhaojin declared its bid to be unconditional on April 24, making it impossible for Tietto shareholders who had already accepted the offer to now withdraw.

Iron ore has had a bumpy ride this year, slumping by almost a third in the first quarter on concerns over weakening Chinese demand.

China's industrial profits fell in March and slowed gains for the quarter compared with the first two months.