Following months of uncertainty, thousands of British Steel workers are feeling cautiously optimistic.

"Improving product quality should be a major priority, to use high standards to push forward high quality development of the industry."

Chinese ferro-silicon prices continued their steady performance amid firmer steel prices and export market stable in China.

A source had already confirmed that a deal was in the works earlier on Monday, amid press reports that Jingye would pay 70 million.

Murray Energy is the latest to join a string of coal companies.

CISA data showed their member companies have seen a 32 percent drop in profits.

"The trend is for prices to gradually dip down but the path will be really bumpy," Liao said.

The blast furnace has a capacity of 1.3 million crude steel/year and the stoppage will at least be for four-six weeks.