China’s Sinosteel has lifted its stake in Midwest Corporation, an Australian iron explorer that is fending off two takeover offers, to more than 10 per cent after buying shares in the market at A$5.30 ($4.70) each.

The purchase hampers the ability of rival predators – led by Murchison Metals, another Australian-listed iron ore miner that has had its A$1bn (US$882m) offer rejected – to take over Midwest.