China has full confidence to guarantee the energy supply and ensure that work resumes smoothly, the country's top economic regulator said on Sunday.

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.

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.

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

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

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.

United Kingdom-based energy company Shell Energy Europe has signed a multi-year deal to purchase electricity from a China-run power storage project in the UK, which when completed will be one of the largest battery installations in Europe.