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.

An increase on the tariff on Turkish steel to 50% was announced by Trump via Twitter, but never officially implemented.

"we do not expect growing foreign demand for US coal to supplant weaker domestic demand or reverse the industry's decline."

Ryzhenkov said he is in discussions with the Ukrainian government on a new law.