China Minmetals Corp, the country's largest trader of base metals, is bidding as much as $700 million for stakes in iron ore development projects owned by Ukrainian producer Ferrexpo Plc, the South China Morning Post reported on Monday, citing market sources.

    Minmetals is competing with India's Tata Steel and other foreign players for stakes of up to 49.99 percent in the projects, the newspaper said.

    Both Minmetals and Ferrexpo declined to comment, the newspaper said.

    Ferrexpo said late last month that it expected to conclude a search for a strategic partner for its growth projects in the fourth quarter.