Shareholders in both companies interviewed by Bloomberg said there was still likely to be some room for a sweetened offer before a May 22 cut-off.

US President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports.

Minas Gerais and Espirito Santo states have asked a court to order Vale and BHP to pay a total 100 billion reais.

Anglo American stated that the new offer was "highly unattractive" for its shareholders.

The incident, the second of this kind this year, happened in an area with no people nearby and it is being investigated, Rio said.

Anglo shareholders have been urging the company to explain how it would create more value than by just selling to the rival.

Prices were pressured by an inventory accumulation at Chinese ports and caution about demand outlook.