"Supply from Vale has been increasing for the past three weeks. It seems like there is no short-term supply impact from the miner," a Beijing-based trader said.
Due to the wide spreads between March and April in the derivatives market, buyers showed more interest in April-loading shipments.
Meanwhile, China plans to reduce value added tax from 16% to 13%, and some market participants expect this to help reduce the cost for imported ores.
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