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.

China's policymakers will strike a balance between containing the novel coronavirus pneumonia outbreak and facilitating the resumption of regular business activities as a prolonged economic standstill could trigger greater risks, economists said.

There may be some shortages of containers as Chinese export numbers have taken a tumble during this crisis.