The Shougang Tonggang Limited Company, an iron and steel company in Tonghua city, has also resumed work.

IANS, citing sources, reported that JSW Steel is likely to pay INR 19,700 crore to acquire the bankrupt Bhushan Power and Steel Ltd by March 15.

China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemic.

"In the third quarter, I think you'll see a meaningful rebound aided by measures taken by the central bank," he told China Daily.

Authorities in Fuzhou, capital of East China's Fujian province, are stepping up efforts to help businesses resume production after the prolonged shutdown for the Lunar New Year holiday.

ferro-alloys.com: Kumba 'has an arrangement' to safeguard impact of coronavirus on iron ore deals

The Telegraph reported that British Steel bidder Jingye is set to axe 400 jobs at the embattled firm's Scunthorpe plant as it closes in on a takeover.

China's policymakers will strike a balance between containing the novel coronavirus pneumonia outbreak and facilitating the resumption of regular business activities as a prolonged economic standstill could trigger greater risks, economists said.