According to market sources, Italy's steelmakers have not yet made any production cuts due to the virus and steel shipments have not been impacted.

While Turkish hot-rolled coil producers maintained strong prices amid higher raw material costs and low demand, mills raised cold-rolled coil and hot-dip galvanized sheet steel offer prices this week, sources said.

Japan's slowing economy has steelmakers worried as the country's manufacturing sector sees more pressure from the impact of the COVID-19 outbreak.

China has full confidence in ensuring adequate energy supply.

China is boosting efforts to ensure the energy supply for hospitals in Wuhan to fight against the novel coronavirus.

East China's Yantai port unloaded 317,000 tons of iron ores in 26 hours after a large-scale ship from Brazil berthed in the port on Feb 18.

Steel major Baoshan Iron and Steel Co Ltd is banking on its smart manufacturing and logistics strengths to sustain production even as the novel coronavirus outbreak forces several companies to suspend production.

China's steel industry, which has been facing a rough time due to rising inventories and falling product prices due to the novel coronavirus outbreak, is expected to recover rapidly during the second quarter of this year, experts said.