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.

The European Steel Association has greeted the release of the Circular Economy Action plan.

US Federal Reserve announced that it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing entailing USD 700 billion worth of asset purchases of Treasurys and mortgage-backed securities.

In view of COVID-19 being reported in several cities, Tata Steel has been decided to suspend all domestic travel on company business with immediate effect as a measure of abundant precaution.