SMB, together with Singapore's Winning, won a tender to develop Simandou's blocks 1 and 2.

Following months of uncertainty, thousands of British Steel workers are feeling cautiously optimistic.

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

Chinese ferro-silicon prices continued their steady performance amid firmer steel prices and export market stable in China.

A source had already confirmed that a deal was in the works earlier on Monday, amid press reports that Jingye would pay 70 million.

CISA data showed their member companies have seen a 32 percent drop in profits.

Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were unchanged over the past week.

Billet and bloom exports totaled 2.96 million tonnes over the six months, an 88% rise year-on-year.