As coal accounts for a major part of China's energy consumption, efforts are needed to make scientific coal exploration plans.

China accounts for more than 20 percent of the company's total sales volume, Machkevitch stated.

The lease extension will be granted after an application has been made by the state-run company.

He also points out that the deal comes at a weak point in the steel sheet market cycle.

The agreement will establish a multi-level commodity trading market system and win China more of a say in the pricing of metals.

To combat this, a number of mine operators are opting for radar transmitters.

Buyers were reluctant to book large tonnages before prices hit a market bottom and end-user demand begins to improve.

The import price for steel billet in the United Arab Emirates has narrowed over the past week.