The throughput of major ports in China continued to increase last week as economic activities keep picking up pace, the China Ports and Harbours Association (CPHA) said on Wednesday.

"It takes just 30 minutes from clearance to shipment," said Wang Jinsong, a declarant in charge of steel export in Urumqi, the regional capital.

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The global Coronavirus outbreak is likely to rein in the rally in Indian domestic steel prices.

China's iron and steel sector saw overall stable growth in 2019, as the continued effort in cutting overcapacity filtered through, data showed.

In the week ending on March 14, 2020, US domestic raw steel production was 1,878,000 net tons while the capability utilization rate was 80.5 percent.

According to the China Association of Automobile Manufacturers, Chinese auto sales in February plunged 79.1% year on year to only 310,000 units.

Manufacturers are exploring alternatives to fulfil their supply chain demands but that would also take a substantial amount of time to reach stable production scale as these components would need regulatory testing, reiterated Mr Wadhera.