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

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.

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

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

In the PRB, Arch expects reduced volumes and higher unit costs in Q4.